Bitcoin Blasts Past $118,000: All-Time High Incoming?

Bitcoin's surge past $118,000 reignites all-time high hopes. Institutional inflows and regulatory tailwinds fuel the bullish momentum, with $122,838 in sight.

Bitcoin Blasts Past $118,000: All-Time High Incoming?

Bitcoin is on a tear, folks! Surging past $118,000, it's got everyone buzzing about a potential new all-time high. Could $118,000 be the new launchpad to $122,838? Let's dive in!

The Bullish Breakdown

The world's largest crypto is now only about 4% away from its July 14, 2025, record of $122,838. What's fueling this rocket ship? Think institutional inflows and regulatory tailwinds. Publicly traded companies are hodling a whopping 628,791 BTC – that's over $74 billion! MicroStrategy alone added 4,020 BTC, worth $427 million, last week. And those U.S. spot Bitcoin ETFs? They saw a staggering $935 million in inflows on August 9th, showing big players are serious about Bitcoin.

Supply Squeeze is Real

There's a structural supply squeeze happening. Only 12% of Bitcoin's circulating supply is actively trading. Long-term holders? They're sitting pretty on 67% of all coins, which seriously reduces market liquidity and cranks up the upward price pressure.

Technicals are Talking

Technically speaking, Bitcoin's looking strong. It's holding firmly above both the 50-day EMA at $115,592 and the critical Fibonacci 50% retracement level of $117,518. The $117.5K–$118.8K range is becoming a key support zone, and RSI readings are suggesting there's still room to grow. Analysts are eyeing that $118.8K mark; a close above it could mean a rapid retest of the $122.8K all-time high.

Regulatory Winds are Shifting

The regulatory landscape is also turning favorable. Texas is establishing a state Bitcoin reserve. The GENIUS Act is moving forward to regulate stablecoins and protect self-custody wallets. And the CLARITY Act, if approved, could classify BTC as a commodity, shielding it from SEC oversight. Plus, President Trump signed a rule allowing 401(k) retirement plans to include crypto investments, potentially unlocking billions in new capital.

All Eyes on the SEC

Investors are glued to their screens, waiting for the SEC's decision on WisdomTree's spot Bitcoin ETF application on August 15th. A green light could supercharge institutional adoption and provide the final push to a new record high.

Could We See $118,000 Again?

While some sources speculate about targets like $6,400 for Ethereum, the real excitement seems to be around Bitcoin's potential. If this bullish momentum keeps up and those key support levels hold, Bitcoin might not just revisit its July peak – it could be writing history before August ends.

The Union Jack Twist: Bitcoin Mining in the UK

In other news, Union Jack Oil, a UK-based firm, is exploring Bitcoin mining using natural gas from its West Newton site. This innovative approach could create a new Bitcoin Treasury strategy for the company, turning what might have been wasted gas into digital gold. Pretty slick, right?

Final Thoughts

So, what's the takeaway? Bitcoin's showing serious strength, backed by institutional interest, regulatory tailwinds, and a shrinking supply. While anything can happen in the wild world of crypto, the signs are pointing up. Buckle up, buttercups! It could be a wild ride to a new all-time high!