🚀 Bitcoin (BTC) Shatters $112,000: Record-Breaking Rally Obliterates Shorts in Epic Liquidation Carnage

Bitcoin just rewrote the playbook—again. The OG cryptocurrency blasted past $112,000 like it was a Sunday stroll, leaving a trail of liquidated leverage traders in its wake.

Market carnage in 3...2...1

Exchanges reported over $1.2B in positions wiped out within hours. Turns out betting against digital gold while macro uncertainty runs rampant wasn’t the hedge fund genius move some Wall Street suits thought it’d be.

No brakes on the halving train

With the 2024 supply cut now fully priced in, institutions are piling in like it’s 2021—except this time they’re actually reading the whitepaper (maybe). Meanwhile, crypto Twitter’s busy calculating new ATH targets using Fibonacci levels and leftover pizza napkins.

As the old City boys scramble to explain how 'this time it’s different,' Satoshi’s creation keeps doing what it does best: making believers out of skeptics and smoking reckless shorts. Just another cycle—except the numbers keep getting bigger.

TLDR

• Bitcoin price reached a new all-time high above $112,000 after rising 5.95% in the past week
• A massive $150 million long position was placed at $108,885 with 40x leverage by a whale trader
• The crypto market cap recovered to $3.47 trillion, though still below December 2024’s $3.73 trillion peak
• Technical analysis shows Bitcoin testing key $110,500 resistance level for the third time
• Analysts predict potential targets of $120,000 if current resistance breaks, or correction to $93,000 support

Bitcoin price surpassed $112,000 for the first time on Wednesday, setting a new all-time high. The cryptocurrency rose 5.95% during the past week, driven by growing global investor demand for risk assets.

The rally helped push the total crypto market capitalization back to $3.47 trillion. This level was last seen in June 2025, though it remains below the all-time high of $3.73 trillion recorded in December 2024.

Bitcoin’s latest surge occurred just days after President TRUMP announced fresh tariffs of up to 40% against Malaysia, Kazakhstan, South Africa, Myanmar and Laos. Japan saw its tariff rate lifted to 25%, with new rates going live on August 1.

The price momentum comes from a reset in over-leveraged participants, creating a healthier foundation for continuation. Bitfinex analysts explained that the convergence between on-chain accumulation and off-chain exchange order FLOW shows this rally has been built on solid ground.

Large Whale Position Signals Breakout Confidence

A major development occurred when a whale trader placed a $150 million long position at $108,885 using 40x leverage. The order was placed when Bitcoin price fluctuated around $110,500, where earlier rallies had failed to break through.

This timing indicated a tactical MOVE by a large trader or institution anticipating a confirmed breakout. Such massive positions around resistance levels usually signal confidence in a structural change.

If bitcoin price surpasses the $110,500 resistance and closes above it, short liquidations and long momentum could drive it to $115,000 and beyond. In the past, large leveraged positions at compression points have caused spikes in volatility.

Bitcoin was trading at $109,398 as of the latest data, up 1.9% over the past seven days. The cryptocurrency’s market cap stood at $2.17 trillion, with 24-hour trading volume at $41.75 billion.

Technical Patterns Point to Critical Decision Point

Bitcoin’s price structure has formed what some traders describe as a triple top pattern. However, analysts are now pointing to signs of strength in the formation.

According to technical analysis, Bitcoin prices are forming an ascending triangle with higher lows and prices pushing against horizontal resistance. This pattern tends to resolve higher, especially when price consolidates while meeting resistance with rising volume.

A breakout above $110,500 could send bitcoin price to $120,000. However, if the breakout fails, support levels stand at $98,000 and $93,000, where selling pressure has been absorbed in the past.

The structure is contracting at the top of the triangle, suggesting an important directional move is approaching. Bulls appear positioned for a breakout due to the increased lows and escalated buying interest.

Charts show Bitcoin breaking out of a falling wedge pattern that developed from April to June. The resistance trendline crosses at around $110,500, adding value to the breakout level currently being tested.

BTC Daily Technical Outlook:$BTC closed slightly bullish. We need more healthy upside moves from this region to get the next impulsive rally towards the $120,000 resistance. I will track its intraday chart to get a quick scalp opportunity 👀 pic.twitter.com/BkeNMCSyGK

— CRYPTOWZRD (@cryptoWZRD_) July 9, 2025

Above $110,400, analysts remain bullish with a confirmed breakout targeting $120,000. The trend aligns with intraday chart momentum and overall bullish formations.

Bitcoin has also tested a multi-year ascending trendline on the monthly chart. The construction presents ascending blocks of support at $78,000, $85,000, and $91,500.

The monthly candle structure is tightening under macro resistance. If Bitcoin price clears this level, a vertical move to $130,000 becomes increasingly likely.

Bitcoin’s uptrend since Trump’s Liberation Day announcement on April 2 is driven by its growing recognition as a safe-haven asset. The cryptocurrency has been outperforming and increasingly decoupling on days when the S&P 500 corrected.

This has been supported by Bitcoin’s increasing status as a SAFE haven asset in the face of fiat debasement. The first US state signed a Bitcoin reserve bill into law, following the federal Bitcoin reserve established by Executive Order.

Bitcoin exchange reserves have been in steady decline since late April, a sign of long-term confidence from investors that may lead to a supply shock-driven rally. Reserves across all exchanges fell to 2.99 million BTC on May 21, down from over 3.11 million BTC on March 13.

The SEC has updated its review process for a Bitcoin and ethereum ETF linked to Trump, with a ruling possible within 60 days under changed conditions. This development occurred as Bitcoin price reached the critical resistance level, providing extra upside pressure.