Bitcoin’s breakout to $112K was driven by $192M in short liquidations, surging trading volume, and rising investor confidence.
Market sentiment remains split as exchange data shows cautious long/short positioning and mixed signals from top crypto traders.
Bitcoin’s safe-haven appeal strengthens post-Trump’s April 2 announcement, with technicals and macro trends pointing to $150K targets.
According to Watcher.Guru, over $192 million in Bitcoin shorts were liquidated within a single hour. This aggressive liquidation wave played a major role in Bitcoin breaking above $112,000 on July 9. The surge reflects strong investor demand, amplified by panic-driven short squeezes and rising institutional confidence.
Consequently, Bitcoin's market cap soared to $2.2 trillion, while 24-hour trading volumes jumped by 42%. The Crypto Fear & Greed Index climbed to 71, signaling growing market optimism and renewed bullish sentiment.
Traders Remain Split as Market Hits Equilibrium
Despite the price surge, sentiment remains mixed across major crypto exchanges. The 4-hour long volume fell 10.12% to $2.80 billion. Meanwhile, short volume dipped 9.05% to $2.78 billion. Hence, the market still shows signs of caution.
On Binance, the BTC long/short ratio sits at 0.44, up 0.98%, indicating slightly stronger bullish activity. However, top traders present conflicting signals. Their account ratio rose to 0.62, while position-based metrics dropped by 0.64%.
Source: Coinglass
OKX reveals a contrasting trend. Its long/short ratio increased 2.56% to 0.40, but top trader accounts dropped 3.78% to 1.17. Moreover, OKX’s position-based ratio declined sharply by 8.42%, suggesting reduced institutional exposure on longs. Bitfinex also points to bearish pressure, with 45.5K BTC in long positions versus 273.68K BTC in shorts. Thus, traders appear divided on the next move.
Bitcoin Rally Backed by Macro Confidence
Bitcoin’s uptrend has gained momentum since Trump’s “Liberation Day” announcement on April 2. According to Sygnum Bank’s research head, Katalin Tischhauser, BTC’s recent strength stems from growing safe-haven demand.
She highlighted its rising independence from traditional markets, especially when the S&P 500 dips. Hence, Bitcoin is decoupling and proving resilient during fiat currency weakness. A US state recently passed a Bitcoin reserve bill, strengthening its role as a national financial hedge. Additionally, exchange reserves have dropped since April, pointing to long-term accumulation. This sets the stage for a potential supply shock rally.
Now that Bitcoin has confirmed a daily higher high, bulls are eyeing new targets. Milk Road co-founder Kyle Reidhead confidently stated, “See you at $150K.” His optimism is backed by a weekly cup-and-handle pattern that often signals further upside. Consequently, Bitcoin could push higher as technical and macro signals alig
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