Bitcoin’s Hat Trick of All-Time Highs

For the third day in a row, we’ve seen Bitcoin set a new all-time high, now sitting at $118.8k. Ethereum also broke through $3,000 for the first time since late January. Bulls are dominating the space — Bitcoin’s price is still rising while Bitcoin dominance is falling, and the altcoin market cap keeps breaking out. These are strong signs that point towards a prolonged altseason.

Despite the growing altcoin market cap yesterday, it was a mixed bag for individual coins. Ethereum ended the day up just 0.22% after climbing nearly 3% intraday. Solana and Sui both closed negative, but the real altcoin leader was XRP, which surged over 7% on the day after being up more than 16% intraday.

Markets are extremely bullish. Sentiment is back in extreme greed with a reading of 79, following a strong end to the previous week. We now head into a weekend that may see some consolidation ahead of the first ever ‘Crypto Week’ dubbed by the US House. The week will focus on key digital asset legislation — another sign that crypto is gaining mainstream political traction. While many assume the week will be bullish for crypto, if this current administration has taught us anything, it’s that you never quite know what comes next.

Regardless of how the coming week unfolds, Bitcoin has had the breakout it needed. We can expect the next few weeks and months to deliver on the promise of what 2025 was expected to be. Should we see a pullback next week, it may be an ideal chance to accumulate more Bitcoin and altcoins during this bull market.

Stormrake Spotlight: Hyperliquid (HYPE) ($46.27)

HYPE has hit its breakout target of $46 and set a new all-time high in the last 24 hours. Investors may look to take profit around current levels, which could lead to a slight pullback, but we should see HYPE continue higher as it moves into blue sky and price discovery territory alongside Bitcoin.

BTC/USD Key Levels and Price Action:

Bitcoin is flying. After yet another all-time high, BTC is currently consolidating just below that level, battling to hold above the key $117.6k mark and using the 21EMA as support. Once this consolidation phase ends, the bulls will likely push BTC higher and we could see a run towards $120k.

BTC Total ETF Flows for 11 Jul: + 76.1 million

*All prices are denominated in USD unless stated otherwise*

Written by Alexandar Artis

Create a brokerage account today

No Advice Warning

The information in this newsletter is general only. It should not be taken as constituting professional advice from the author - Stormrake PTY LTD.

Stormrake is not a financial adviser and does not provide financial product advice. You should consider seeking independent legal, financial, taxation or other advice to check how the information relates to your unique circumstances. Stormrake is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by this newsletter.

Disclaimer

All statements made in this newsletter are made in good faith and we believe they are accurate and reliable. Stormrake does not give any warranty as to the accuracy, reliability or completeness of information that is contained here, except insofar as any liability under statute cannot be excluded. Stormrake, its directors, employees and their representatives do not accept any liability for any error or omission in this newsletter or for any resulting loss or damage suffered by the recipient or any other person. Unless otherwise specified, copyright of information provided in this newsletter is owned by Stormrake. You may not alter or modify this information in any way, including the removal of this copyright notice.