Bitcoin Smashes Through $111K Barrier—Market Goes Full ’Unga Bunga’ Bull Mode
Price discovery? More like price disbelief. Bitcoin just ripped past $111,000 like a Lambo through a school zone—leaving bagholders, skeptics, and over-leveraged hedge funds choking on its exhaust fumes.
The crypto market’s glowing greener than a Wall Street intern’s first blockchain PowerPoint. Meanwhile, traditional finance bros are still trying to short it with their 2017 playbooks—bless their hearts.
Funny how ’digital gold’ suddenly gets interesting when it outperforms their entire portfolio before breakfast. Next stop? Either Valhalla or margin call hell—no in-between.
Why is the crypto market rallying today?
The crypto market trades in the green on Thursday, with the largest cryptocurrency by market cap surpassing $111,000 following the breakout of its all-time high on Wednesday.
The main reason for the market rally is Bitcoin’s entering uncharted territory and triggering broad market optimism. Bitcoin’s technical outlook on the daily chart suggests a rally continuation, targeting its key psychological resistance at $120,000, supported by recent developments in the bond market, discussed in the previous report.
BTC/USDT daily chart
Major altcoins like ETH, ADA, and SOL followed BTC’s lead and traded in green, as shown by the CoinGecko chart below.
CoinGlass Liquidation Heatmap data shows that the rally in the crypto market had triggered a wave of liquidation, with over $500 million in Leveraged positions wiped out in the last 24 hours. Notably, 62.61% were short positions, underscoring the market’s overly bearish positioning, which can further fuel the rally through short squeezes. The largest single liquidation occurred on Bybit, where a BTCUSD position worth $6.36 million got liquidated.
Liquidation Heatmap chart. Source: Coinglass
What’s next for crypto?
As explained in The Graph below, traders should watch for the capital rotation. Given Bitcoin’s all-time high, the market is likely in Phase 1 (the flow of money into BTC causing a price surge) or transitioning into Phase 2. Ethereum may start to outperform Bitcoin soon, and large-cap altcoins could begin seeing inflows.
The Altseason (Phase 4) typically comes after these earlier phases, as Blockchaincenter.net’s Altcoin Season index currently reads 16. The metric indicates that altcoins have more room for growth, and investors still prefer to invest their money in Bitcoin or hold it rather than transferring it to altcoins, suggesting the market is likely in Phase 1.
Altcoin Season index. Source: Blockchaincenter.net
