Bitcoin continues its upward trajectory, reaching a new all-time high above $112,000 . This surge occurred as many traders who had positioned themselves in short positions were forced to liquidate them, further boosting Bitcoin's price . Specifically, more than $300M in positions got liquidated over past twenty-four hours, mostly from diverse short sellers . Hence, Bitcoin saw an 18% gain just in May . In the meantime, Ethereum's price jumped by 47% . This rise comes at a time when the overall crypto market capitalization has reached the $3.5T following up to 1.67% increase . This underscores another landmark in the crypto market rally . According to the latest market data, Bitcoin is currently changing hands closer to its latest ATH while eyeing $112K as next price target . Analogously, the top altcoins such as Ethereum and Dogecoin have also recorded price spikes . The rise of Bitcoin is supported by strong positioning across derivatives markets . Data reveals a dense cluster of liquidity around the $105,700 level, which could act as a short-term magnet . Some traders anticipate a brief sweep into this zone before Bitcoin resumes its upward trajectory . Despite the strength, market sentiment has yet to flip fully euphoric . A cautiously bullish tone dominates as macroeconomic conditions remain tight, with high US Treasury yields and growing instability in global trade continuing to weigh on risk assets . On May 26, 2025, Bitcoin was trading at $108,249 . The chart shows BTC currently consolidating above a confluence of key moving averages, including the 34 EMA, 50 SMA, and 100 SMA, all of which are trending upward . On July 2, 2025, the Bitcoin price crawled back to the $107K mark, up 1% in the past 24 hours . Its daily trading volume is also up 11%, indicating growing investor confidence . Global liquidity just broke out to a new all-time high, triggering a period of high volatility and a significant price movement for Bitcoin .
Bitcoin reached a new all-time high, surpassing $112,000, as traders were forced to liquidate their short positions. This surge marks a significant moment for the cryptocurrency, highlighting its growing momentum in the market.
