This morning (11), Bitcoin soared, breaking through the $116,000 mark and setting a new historical high, catching the bears off guard, with liquidation amounts exceeding $1 billion. However, the market did not see profit-taking selling pressure; instead, there was a strong reluctance to sell, adding more endurance to this rally. Experts anticipate that with continuous capital inflow into ETFs and favorable policies, Bitcoin is likely to continue its challenge toward $140,000.
Spring weakness cannot hinder the long-term bullish trend.
This surge to new highs came quickly — looking back just a day ago, Bitcoin had reached $112,000 on some exchanges, then fell back to around $111,000, only to initiate another surge early this morning. Compared to a year ago when it was at $57,700, Bitcoin has now doubled in value, even though it experienced a spring correction; the long-term bullish trend remains unstoppable.
According to CoinGecko market data, Bitcoin is trading at $116,671 at the time of writing, with a 24-hour increase of 4.9%.
The bears have suffered losses exceeding $1 billion.
This rapid surge in Bitcoin has also caused the bears to suffer greatly; according to CoinGlass data, approximately $1.13 billion in cryptocurrency market contracts were liquidated in the past 24 hours, with over $1 billion coming from short positions, while long positions accounted for only $119 million.
Unlike the past scenario where 'a lot of gains must be corrected,' on-chain data shows that this time, Bitcoin's peak rally has not been accompanied by significant profit-taking selling pressure.
The atmosphere of holding onto assets is strong, with low selling intentions.
On-chain analytics firm CryptoQuant points out that the market is currently in a 'wait and see' phase, where investors choose to hold onto their assets and wait for market developments. The report states:
Even though Bitcoin surged to a high of $112,200 yesterday, overall market selling pressure remains low, and the amount of Bitcoin flowing into exchanges has actually decreased, indicating that new funds have not led to large sell-offs.
CryptoQuant data shows that the amount of Bitcoin flowing into exchanges has dropped to 18,000 coins per day, reaching a new low since April 2015.
Retail investors are reluctant to sell, and large holders are staying put.
This 'reluctance to sell' phenomenon is not limited to retail investors; even large whales (wallets holding more than 100 Bitcoins) are also holding back. The report mentions:
The amount of Bitcoin transferred to exchanges through large transactions (over 100 Bitcoins) has plummeted from 62,000 coins on November 26, 2024, to just 7,000 coins now.
The next challenge is $140,000.
Gerry O’Shea, Head of Global Market Research at Hashdex, pointed out that key factors driving Bitcoin to new highs include strong capital inflows into spot ETFs, continued corporate buying, and a gradually positive regulatory environment in the U.S. He wrote in a commentary:
Even though the overall economic environment remains uncertain, we believe this bull market is far from over.
If more institutional-grade trading platforms open up Bitcoin investments in the future, these potential catalysts are expected to help push Bitcoin further toward the challenge of $140,000 this year.
"Bitcoin surges to new highs! Bears suffer losses of $1 billion, and investors are reluctant to sell their assets" was originally published by (Blockcast).
