Bitcoin hits new record high on institutional buying

BTC, Reaching New High at 6:20 AM and 3:30 PM
Cryptoquant: "BTC Rise Led by Institutions, Not Individual Investors"
Experts: "If BTC Maintains $110,000, Next Target is $150,000"

Bitcoin (BTC) has consecutively set new highs due to institutional buying, and altcoins have also surged following Bitcoin's record-breaking performance, creating a clear bullish market atmosphere.

Bitcoin broke its previous high at $116,526 around 6:20 AM. Continuing its upward trend, it set another new high at $118,390 around 3:30 PM.

The cause is attributed to institutional buying. On-chain analysis platform Cryptoquant reported in a report that individual investor buying on centralized exchanges (CEX) has reached its lowest point since April.

Cryptoquant revealed that the net inflow of individual investors on CEX for July is less than $12 billion (approximately 16.458 trillion won). Notably, the individual investor net inflow intensified just before Bitcoin set a new high on the 10th.

Bitcoin maintained $117,000 at 4 PM, aiming to set another new high. Altcoins also showed a bullish market, with many recording over 10% gains.

◇Bitcoin = At 4 PM on the 11th, Bitcoin's price on Upbit was 159.16 million won. Bitcoin's dominance was 64.81%.

According to on-chain analysis platform Sigbit, the long and short betting ratio in the Bitcoin futures market was 32.10% and 67.90%, respectively.

Experts predicted that Bitcoin would rise dramatically if it maintains $110,000.

Cryptocurrency media Cointelegraph reported that experts collectively view the next target price for Bitcoin as $150,000.

Cointelegraph noted that Bitcoin's graph might face strong selling pressure around $113,800 according to the inverse head and shoulders pattern.

Kyle Reidhead, co-founder of cryptocurrency information platform Milk Road, stated, "If buying pressure increases at $110,000, the next target would be $150,000."

Markus Thielen from 10X Research emphasized, "There's a 60% chance Bitcoin will rise more than 20% in the next two months."

◇Rising Coins = At 4 PM on the 11th, the cryptocurrency with the largest gain on Upbit was Altlayer (ALT), rising approximately 52%.

Altlayer is a project providing a Rollup as a Service (RaaS) platform, helping projects easily build rollups without coding or blockchain technology expertise.

Additionally, Altlayer plans to provide an AVS (Actively Validated Service) infrastructure that enhances security, decentralization, and interoperability, which can be used for staking, governance, and various other purposes.

◇Fear and Greed Index = The digital asset Fear-Greed index provided by Alternative is 71 points, entering the 'Greed' stage. The greed stage is characterized by high price volatility and trading volume. There's a high possibility of short-term peak formation, so caution is advised when selling.

The Relative Strength Index (RSI) provided by Sigbit is 84.7, indicating an 'overbought' state. RSI measures the relative strength between upward and downward price pressures and indicates overbought and oversold levels for a specific asset.

Reporter Seung-won Kwon ksw@blockstreet.co.kr