Bitcoin reached its sixth consecutive all-time high in the past two days, reaching beyond $118,600 on July 11.

Over the past two days, BTC (BTC) has surged roughly 6%, reaching six consecutive all-time highs after breaking through the $110,000 range to a new milestone at $118,668 on July 11. According to data from crypto.news, the token has gone up by 6.8%.

On July 10, BTC crossed $113,800, marking its second ATH in less than 24 hours, driven by strong institutional flows and a risk-on market mood. Before that, BTC hit major resistance range at $111,250 after a bullish expansion on the market.

The ongoing rally is on point with Matrixport analysis which predicted that BTC would hit as high as $116k and beyond. Following the historic pattern that showed July would bring strong gains for BTC.

“If historical seasonality holds, Bitcoin could be poised for another move higher — potentially reaching $116,000 in the coming weeks,” said the on-chain analysis firm in its report.

The ongoing rally is mostly fueled by expectations of Fed rate cuts, increased inflows into spot BTC ETFs, and broader regulatory tailwinds, with analysts projecting BTC may test $120,000 before month-end.

n addition, the market environment, which is buoyed by equity highs and “risk-on” flows, paired with technical breakouts, has amplified the move. Although this also sets the stage for BTC testing the $120,000 resistance zone before potentially extending toward the $130,000 to $140,000 range.