Bitcoin (BTC) surged past $112,000 on Wednesday, July 9, setting a new all-time high amid surging institutional interest and safe-haven demand. At the time of publication, BTC was trading at $111,190, up 1.91% on the day with $62.3 billion in 24-hour volume.
The breakout triggered over $200 million in short liquidations and marked a key technical milestone. According to technical analyst Rich Ross from Evercore, Bitcoin is “coiled like a spring,” with potential upside targets ranging from $140,000 to $170,000.
Bullish momentum was sparked in part by geopolitical events, particularly U.S. President Donald Trump’s announcement of sweeping new tariffs. The administration is set to implement up to 40% tariffs on imports from Malaysia, Kazakhstan, South Africa, Myanmar, and Laos, and raise Japan’s tariff rate to 25% starting August 1. As trade tensions rise, Bitcoin continues to solidify its role as a macro hedge and digital store of value.
Key BTC technical breakout confirmed
Market structure has supported the rally. As noted by analyst Michael van de Poppe in a July 10 chart update, Bitcoin’s price action accelerated sharply after breaking above the $106,500 resistance level, a move that opened the door for price action to reach $108,000 and beyond.
Liquidity clusters between $105,000 and $106,500 have been cleared, and the next leg of upward momentum hinges on maintaining support above that zone.
“Liquidity has been taken, slight pullback before the big breakout to ATH,” van de Poppe observed, highlighting the $105,797 region as a key threshold. He also marked sub-$100K as a potential reaccumulation zone in the event of a deeper correction, but overall market sentiment remains strongly bullish.
Bitcoin long-term bullish setup
This latest all-time high also puts Bitcoin up nearly 90% year-over-year. Notably, while Bitcoin price has reached a new high, the overall crypto market cap remains under its previous peak of $3.73 trillion set in December 2024.
Institutional demand remains a major tailwind. Spot ETF flows have continued to rise, and investor appetite shows no signs of slowing. In parallel, the U.S. macro environment, including inflation concerns, rate cut expectations, and now tariff shocks is creating ideal conditions for further Bitcoin strength.
As BTC continues to consolidate above $110,000, traders and analysts are watching closely for confirmation of a clean breakout toward $120,000 and beyond.
