Bitcoin news: BTC price rallies on rising volume and open interest as traders eye $120k
Bitcoin jumps to $118,100
Bitcoin [BTC/USD] price has delivered an impressive performance this week, extending its winning streak to a fourth straight day on Friday, July 11.
This strong momentum has also set Bitcoin on course for a third consecutive weekly close in the green. Traders and investors are watching closely as Bitcoin targets a much-anticipated peak at the $120,000 psychological level.
- Bitcoin jumps to $118,100, extending a four-day rally as traders eye $120,000 all-time high
- Bitcoin's rising volume and open interest above $70 billion signal strong market commitment
- RSI above 70 warns of possible near-term pullback despite robust weekly gains
Friday’s price action builds on Thursday’s breakout move from a lengthy nine-week consolidation range, which held between the May high at $112,000 and the critical $100,000 support. In today’s European session, Bitcoin surged over 2.5% to reach $118,100, marking a new record high. This rally has been accompanied by a steady rise in trading volume across the last four days, confirming strong market participation and growing confidence in the ongoing move.
BTC price dynamics (May - July 2025). Source: TradingView
A notable shift in sentiment is also evident through the Bitcoin fear and greed index on Binance, which has climbed to 68, indicating a transition from neutral to greed. This shift suggests that more traders are leaning into risk, potentially fueling further price gains in the short term. At the current level, Bitcoin’s week-to-date gain stands at 7.5%, and its month-to-date gain is nearing 10%, reflecting robust demand and sustained bullish interest.
Bitcoin momentum backed by rising volume as traders lean into risk at record highs
From a technical perspective, the previous day’s high at $116,350 could now serve as a near-term support level to protect the upward trend. The RSI readings on both the daily and 4-hour charts have moved above 70, a classic overbought signal that may suggest the need for a temporary cooling or hint that the underlying trend is exceptionally strong. This overbought condition introduces the possibility of profit-taking among traders who may want to lock in recent gains.
Derivative data reveals that open interest has again crossed the $70 billion mark, revisiting levels last seen during the May peak. Historically, rising open interest paired with new price highs often indicates that more money is flowing into the market, which can support further upside moves. However, it can also create a setup for a sharp reversal if traders decide to unwind positions rapidly.
Overall, Bitcoin’s strong breakout beyond its previous consolidation range, supported by rising volume, higher open interest, and increasing greed sentiment, presents a compelling technical and fundamental narrative. Still, the overbought RSI and elevated open interest highlight that traders should watch for potential shifts in momentum or sudden corrections as the price edges closer to $120,000.
Long-term holders took profit as Bitcoin rallied sharply on positive sentiment. Price broke above June's high and retested the $112,000 level after exiting a tight five-day range.
