Bitcoin has soared to another historical high, driven by the growing demand for risk assets among global investors and the liquidation of $200 million in BTC shorts near key overhead resistance levels.
Bitcoin's price first broke through the historical high of $112,000 on Wednesday (July 9), rising 5.95% last week.
The increase in Bitcoin's price helped the total market capitalization of the cryptocurrency market reach $3.47 trillion, a level not seen since June 2025.
However, the value of the crypto market is still below the historical high of $3.73 trillion set in December 2024.
The new historical high for Bitcoin occurred just days after President Trump announced a new round of tariffs of up to 40% on Malaysia, Kazakhstan, South Africa, Myanmar, and Laos. At the same time, Japan's tariff rate was raised to 25%, with the new rate set to take effect on August 1.
Analysts at the Bitfinex exchange told Cointelegraph that Bitcoin's price momentum benefited from the reset of "over-leveraged participants," creating a "healthier foundation for continuation," adding, "The fusion of on-chain accumulation with off-chain exchange order flow paints a compelling picture: this rally is built on solid foundations, supported by real capital flows rather than fleeting speculative leverage."
Analysts explained, "To maintain a constructive outlook in the coming weeks, this spot buyer-dominated pattern must persist."
According to Katalin Tischhauser, head of research at digital asset bank Sygnum Bank, the upward trend in Bitcoin since the announcement on April 2, Trump Liberation Day, has been driven by its recognition as a safe-haven asset.
She told Cointelegraph that since April 2, Bitcoin has performed exceptionally well on days when the S&P 500 has pulled back and has increasingly decoupled, adding, "This is supported by Bitcoin's enhanced status as a safe-haven asset in the face of fiat currency devaluation, which was further confirmed by the first U.S. state signing a Bitcoin reserve bill into law, following the establishment of federal Bitcoin reserves by executive order."
Bitcoin exchange reserves have also been steadily declining since the end of April, indicating "long-term confidence" among Bitcoin investors, which could lead to supply shock-driven price increases, Tischhauser stated.
Glassnode data shows that Bitcoin reserves across all exchanges fell to 2.99 million BTC on May 21, down from 3.11 million BTC on March 13.
Related: U.S. SEC "Crypto Mom" clarifies: "Tokenized securities are still securities"
Original article: “Bitcoin (BTC) Soars to New High, Breaking $112K as Traders Liquidate Shorts”
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