Bitcoin surges past $118K all-time high without overheating as on-chain data signals more upside
2025-07-11 07:37:38
Main Idea
Bitcoin reached a new all-time high of $118,399, with market indicators suggesting potential for further growth despite reduced retail activity and miner accumulation.
Key Points
1. Bitcoin hit a new all-time high of $118,399 on July 11 during Asian trading hours.
2. The MVRV ratio stands at 2.2, below the overheated levels of 2.7 seen in March and December 2024, indicating room for growth.
3. Retail activity has decreased from 30% to 15% of the market, suggesting less frenzy compared to previous bull markets.
4. The Miner Position Index is drifting lower, with some mining firms accumulating rather than selling Bitcoin.
5. Short-term support levels at $106,500 and $101,200 are being watched for potential market direction.
Description
Bitcoin reached a new all-time high of $118,399 early on July 11 during Asian trading hours, marking another major milestone in the ongoing bull market. Yet, unlike past euphoric peaks, this breakout appears fundamentally calmer and more structurally sound. In a June 11 analysis , CryptoQuant contributor Avocado Onchain noted that several important indicators point to the market not being overheated. The MVRV ratio, which compares Bitcoin’s ( BTC ) market value to its realized value, currently s...
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