Bitcoin (BTC) broke its own records again, trading at $116,058, thus reaching a new all-time high. It is the second time this week that the cryptocurrency surpasses previous records, after hitting $112,000 yesterday.
The current surge comes after a brief drop below $100,000 on June 22. Since the beginning of July, BTC has resumed its upward trajectory, accompanied by an increase in trading volume and a wave of liquidations in the futures market.
What is driving this new rally?
The impact of Bitcoin's rise was reflected in other cryptocurrencies. Ethereum, XRP, BNB, and Solana recorded gains between 1.4% and 4.2% in just 24 hours.
In the top 100, tokens like Pudgy Penguins (PENGU) stood out with a rise of 28.2%, Sui (SUI) with 14%, Virtual Protocol (VIRTUAL) with 13%, dogwifhat (WIF) with 13%, and Fartcoin (FARTCOIN) with 12.8%.
Bitcoin price performance – 24 hours. Source: CoinGecko
Traders surprised: large liquidations in futures
The unexpected surge caught by surprise those betting on a decline in BTC. According to Coinglass data, over 150,000 traders were liquidated in the last 24 hours, accumulating losses of $913 million.
The largest individual loss occurred on the HTX platform, where a trade in the BTC/USDT pair resulted in a liquidation of $88.55 million.
Liquidations in the crypto market – 24 hours. Source: CoinGlass
If Bitcoin can consolidate above its current record, analysts suggest that the $113,000 level could be established as a new technical support, just as the $100,000 mark did previously.
Meanwhile, renowned analyst Michaël van de Poppe does not rule out a rise towards $150,000 in the third quarter of this year.
"Nice breakout to the upside on #Bitcoin. Broke $110,500, found immediate support, and continues rising toward new ATH. What's next? We will probably see $150,000 in the third quarter," suggested the analyst.
Bitcoin price analysis. Source X/@CryptoMichNL
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The article Bitcoin (BTC) surpasses $116,000 with nearly $1 billion liquidated was first seen on BeInCrypto Brazil.
