Bitcoin surges past $118K all-time high without overheating as on-chain data signals more upside

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.