Bitcoin price has once again surged to levels near the $120,000 mark, reigniting discussions around a potential new bullish phase. After weeks of mixed sentiment and sideways trading, recent data shows renewed capital inflows, a more favorable macro environment, and tightening supply on exchanges. But is this just a short-lived breakout—or the beginning of a much stronger move?
Bitcoin Price Climbs to $119,320 Amid Renewed Buying
As of July 18, Bitcoin price is trading at $119,320, marking a fresh high for July and coming just shy of the $120K resistance level. The rally follows two weeks of steady price appreciation, with BTC up more than 15% since the start of the month.
Source: Tradingview
Chart data from TradingView shows a strong upward trend supported by growing volume and diminishing volatility. Technical analysts are now watching the $120K–$123K zone as the key breakout area for confirmation of a new bull phase.
Eleven Straight Days of ETF Inflows Signal Institutional Momentum
The most striking indicator of current market strength comes from ETF flow data. According to SoSoValue, Bitcoin ETFs have now posted 11 consecutive days of positive net inflows, a streak not seen since March.
On July 17 alone, over $522 million flowed into BTC ETFs, bringing the total net inflow above $4.2 billion this month.
Source: SoSoValue
This trend suggests consistent demand from institutional players, particularly asset managers reallocating into crypto amid cooling inflation and stabilizing interest rate expectations. Unlike speculative retail surges, sustained ETF inflows often reflect more long-term conviction.
Supply-Side Pressure: Less BTC Available on the Market
Adding to the bullish narrative is the tightening supply side. With a growing number of coins held in cold storage or locked in ETF custodial wallets, fewer BTC are available for trading on spot markets. This dynamic creates upward pressure on price, especially when met with steady inflows.
On-chain data confirms this trend. Long-term holder accumulation has increased since mid-June, while miner selling has remained low, and exchange balances continue to decline across major platforms.
Clearer Policy, Stronger Risk Appetite Driving Market Sentiment
This renewed optimism isn’t happening in a vacuum. Analysts point to growing macro and regulatory clarity as a key trigger for the latest rally.
In the U.S., recent IRS guidance on digital asset taxation and clearer ETF reporting standards have eased institutional concerns. Meanwhile, Asia—particularly Hong Kong and Singapore—continues to lead with favorable frameworks that attract capital into crypto.
The result is a clear shift in investor sentiment. With equities showing signs of exhaustion and gold hovering near all-time highs, Bitcoin is regaining its appeal as a high-upside hedge, especially in portfolios chasing asymmetric returns.
Final Thoughts: What Bitcoin Near $120K Tells Us Now
If history is any guide, consolidation near a major psychological milestone like $120K is rarely the end—it’s often the start. The combination of 11 straight days of ETF inflows, reduced supply, improving macro conditions, and strong price structure points to one conclusion: Bitcoin may be gearing up for its next major leg higher.
