At the time of writing bitcoin (BTC) is hovering around the $118,000 level, flirting with the idea of setting a new all-time high this weekend.

On Friday, Bloomberg Senior ETF Analyst Eric Balchunas noted on X that BlackRock’s spot Bitcoin ETF (IBIT) had reached an important milestone at the close of trading on the previous day, becoming the fastest ETF to get to $80 billion in assets under management (AUM). The second fastest ETF to get to this level was Vanguard’s S&P 500 ETF (VOO), which got there in 1,814 days.

On Friday, bitcoin set a new all-time high of $118,667.

During interviews with CNBC and Yahoo Finance, Bitwise Asset Management CIO said his firm expects the BTC price to reach over $200,000 by the end of this year.

As for how high bitcoin could go, hedge fund manager James Lavish says that the bitcoin price is similar to the U.S. debt ceiling in that ultimately there is no limit.

Technical Analysis

• Bitcoin displayed a consolidation pattern throughout the 23-hour timeframe from 11 July 11:00 to 12 July 10:00, operating within a comprehensive range of $1,633.46 representing 1% from the peak of $118,226.29 to the trough of $116,592.83, according to CoinDesk Research’s technical analysis model.
• The most significant price movements occurred during the initial hours, particularly around 13:00 and 15:00 on 11 July, when elevated volume above the 24-hour average of 7,291 accompanied pronounced intraday swings, forming key support near $116,726.00 and resistance around $118,226.00.
• Following this early turbulence, BTC demonstrated exceptional stability with decreasing volume, consolidating mainly between $117,400.00-$117,900.00, before exhibiting renewed strength in the final hours with a recovery toward $118,025.00, suggesting potential bullish momentum developing for the subsequent trading session.
• Throughout the final 60 minutes from 12 July 09:57 to 10:56, Bitcoin encountered heightened volatility with a notable downward movement from $118,121.16 to a low of $117,835.74 at 10:14, followed by a strong rebound that established the $118,000.00-$118,070.00 range as a new consolidation zone.
• The period displayed classic support and resistance dynamics, with volume spikes of 392.48 and 382.49 during the 10:12-10:14 selloff confirming institutional participation, while the subsequent recovery above $118,035.00 on diminishing volume suggests underlying strength and potential for continued upward momentum.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.

Bitcoin’s rally to $120,000 this week has sparked a broader breakout across major crypto assets, with ether (ETH), Solana’s SOL, XRP, and dogecoin (DOGE) all posting high single-digit percentage gains.

However, this time, price action isn’t just about momentum, as traders claim that market structure is evolving under the weight of institutional influence.

“This isn’t a frenzied boom with no foundation,” said Seamus Rocca, CEO of Xapo Bank. “It’s a measured ascent, backed up by large institutional players with the long-term in mind.”

Rocca pointed to tight monetary policy and geopolitical volatility as reinforcing Bitcoin’s emerging role as a macro hedge, adding that “the momentum we’ve seen over the last 48 hours is clear. Bitcoin isn’t just growing in value, but also as a genuine asset class that is rivalling traditional finance.”

Ethereum, up over 17% on the week and briefly crossed $3,000, remains a primary beneficiary. «In Q2, corporate treasury purchases of BTC outpaced inflows into spot ETFs,» said the analytics team at Bitcoin yield protocol TeraHash in a note to CoinDesk.

«That points to strategic positioning. At the same time, custodians like Anchorage and Fidelity are scaling institutional pipelines, while OTC desks are tightening spreads.»

Solana, now trading around $163, gained over 11% on the week amid renewed demand across retail and memecoin ecosystems. The chain continues to act as a high-beta proxy for risk-on sentiment. XRP, meanwhile, jumped 25%, benefiting from both a technical breakout and rising speculation around regulatory resolution.

“Price action may grab the spotlight,” TeraHash added, “but the real breakthrough this summer is structural.”

The altcoin move is broad-based. Dogecoin has rallied 23% over the past week, driven by increased retail participation through platforms like Robinhood and Binance. XRP volumes have spiked on Korean exchanges, while Cardano, TRX, and AVAX are all trading firmly in the green.

Meanwhile, Bitpanda Deputy CEO Lukas Enzersdorfer-Konrad said that “strong bitcoin rallies are often followed by significant movements in altcoins with a slight delay — and a potential comeback of meme coins can’t be ruled out either.”

But not everyone sees a straight line up.

“Despite briefly touching this key milestone, BTC remains below a major resistance zone,” said Ruslan Lienkha, Chief of Markets at YouHodler, said in an email.

“A decisive breakout and sustained move above this level could trigger a sharp upward rally, potentially targeting the $130,000 range,” Lienkha added.

What to know:

• DOGE advanced 8.6% from $0.198 to $0.213 between July 11 06:00 and July 12 05:00 before closing at $0.202 — a full retracement of its intraday gains.
• Trading volumes surged past 1.1B during the 13:00–15:00 session, establishing resistance between $0.208–$0.213.
• Support held at $0.200–$0.201 through late-session volatility, with final hour price action stabilizing around $0.202.
• Analysts flagged the rejection at $0.211 (20:00) as evidence of systematic profit-taking by larger holders.

News Background: BTC Record, Risk-On Flows Drive Meme Coin Rally
Bitcoin touched an all-time high of $118,000 during the session, as crypto markets benefited from a surge in institutional inflows — estimated at $50B this week alone.
Easing geopolitical tensions, improving trade relations, and dovish signals from central banks have boosted risk assets across the board. Dogecoin, typically a high-beta play during crypto rallies, surged alongside altcoins in response.

Price Action Summary

• Range: $0.198 → $0.213 → $0.202 | Total swing: 8.6%
• Breakout Zone: $0.200–$0.208 cleared on strong volume
• Resistance: $0.208–$0.213, with reversal from $0.211
• Support: $0.200–$0.201 tested and held multiple times
• Final Hour (04:55–05:54): Price rose from $0.200 → $0.202 (+0.5%)
• Volume Peak: 1.1B between 13:00–15:00; 19M during 05:00–05:10 late surge

Technical Analysis

• Mid-session momentum broke above key resistance zones but failed to sustain above $0.213
• Volume-backed reversal near session high suggests strategic exits by institutions
• Final-hour recovery shows $0.200 remains psychologically significant
• Momentum cooling; near-term consolidation expected in $0.200–$0.204 band

What Traders Are Watching

• Can DOGE reclaim and hold above $0.208–$0.210 to retest highs?
• Breakdown below $0.198–$0.200 would signal trend exhaustion
• Consolidation above $0.202 would support a bullish continuation setup into next week
• Broader BTC and macro risk sentiment will continue to dictate altcoin flows

Takeaway
DOGE followed broader crypto markets higher with a clean intraday breakout — but its rejection at $0.213 and sharp pullback highlight the fragile nature of meme coin rallies during high volatility sessions.

Institutional flows remain, but traders should watch for volume confirmation before chasing upside. $0.200 is now the line in the sand.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.