Bitcoin has risen by 2.32% in the last 24 hours, reflecting upward momentum driven by a new all-time high, short-squeeze, and accumulation by institutions, amid varied global economic conditions.
The new record price breakout ($112,000 on Binance) sparked market optimism.
A short-squeeze of $192 million within one hour strengthened the bullish trend.
Institutional purchases (H100 group) reflected selling flows due to tariff-related risks.
Detailed Analysis
1. Key Catalyst
The price of Bitcoin soared to an all-time high of $112,000 on Binance at 3:43 AM UTC on July 10 (CoinoMedia), surpassing the previous resistance of $111,963. This technical achievement triggered automated buy orders and increased the fear of missing out (FOMO) among traders anticipating a new price discovery phase.
2. Market Dynamics
The surge occurred despite U.S. threats to impose tariffs on Iraq and Libya announced at 5:23 AM UTC (coinlive). This indicates that investors viewed Bitcoin as a hedge against geopolitical risks, as Bitcoin's correlation with gold increased over 30 days to 0.48, while the S&P 500 index fell by 1.46%.
3. Technical Context
The MACD chart widened to +289.95, confirming the upward momentum.
The 14-day Relative Strength Index (RSI) is at 62.54, indicating that the price has not yet reached the overbought territory, leaving room for further increases.
The critical Fibonacci extension level at $115,635 (127.2%) has become the next expected target.
Summary
Bitcoin's breakout combines technical catalysts and a changing economic context that makes it a tool to reduce volatility. While other cryptocurrencies experienced gains (such as ETH by +7%), BTC's dominance slightly decreased to 63.79%, indicating its continued market leadership.
Will Bitcoin's relationship with traditional risk assets decline if tensions related to tariffs escalate?
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