Bitcoin (BTC) surged 10% this week to a new all-time high of $119,444 on July 13, 2025, driven by accelerating accumulation from both short-term holders (STHs) and long-term holders (LTHs). STHs absorbed over 19,300 BTC in the past month, outpacing miner issuance of just 13,400 BTC, while LTHs intensified accumulation, creating a severe supply-demand imbalance.
This supply shock—where investor demand consistently exceeds new supply—has historically signaled major bullish momentum. The rally liquidated over $20 million in short positions hourly near the $119K resistance zone. Analysts identify $115,000 as critical support and $120,000 as the next resistance; a breakout could propel BTC toward $135,000-$140,000.
Catalysts include record institutional inflows, the upcoming U.S. "Crypto Week," and rumors of Federal Reserve Chair Jerome Powell's resignation. However, Monday's stock market opening risks volatility from potential 30% EU tariffs, possibly testing $115,000 support.