$BTC Bitcoin has indeed set multiple historical highs recently.

Beijing time on July 10, the price of Bitcoin first broke through the 112,000 USD mark, with an intraday increase of up to 3%. On July 11, Bitcoin continued to climb to a new historical high. As of July 11, 7:42 AM Beijing time, the price of Bitcoin rose over 3% to 115,671.71 USD, earlier at one point breaking through 117,000 USD, with an intraday increase of over 5%.

The main reasons for Bitcoin's new high are as follows:

- Short covering drive: On July 10, 280 million USD worth of Bitcoin shorts were covered at key resistance levels, triggering passive buying, pushing prices beyond previous highs. On the afternoon of July 10, U.S. time, the amount of Bitcoin shorts covered on centralized exchanges in 24 hours reached about 318 million USD.

- Institutional capital inflow: Data from cryptocurrency trading firm GSR shows that institutional investors have been continuously buying Bitcoin through various financial instruments, which provides strong support for Bitcoin price increases compared to the historically speculative buying pattern.

- Enhanced market risk appetite: Nvidia's market value surpassed 4 trillion USD, driving the Nasdaq to a new high, increasing market risk appetite and leading funds to flow into crypto assets, with Bitcoin rising as a risk asset accordingly.

- Improved regulatory environment expectations: The U.S. Congress has made progress on stablecoin legislation, bringing optimistic sentiment for a more regulated environment, attracting investors to buy Bitcoin.

- Macroeconomic factors: This year, the value of safe-haven assets such as the U.S. dollar has weakened amid increasing global macro uncertainty and intensified geopolitical conflicts. Combined with a scarcity of assets in the global traditional financial markets, a large amount of capital is seeking alternative investment targets, and Bitcoin meets the market's diversified allocation needs.

However, Bitcoin's price is highly volatile, and its trading is not officially recognized in many countries and regions, posing significant investment risks.