Bitcoin (BTC) reached a new historical high again on July 10, 2025, with prices surpassing $111,300, an intraday increase of over 2.3%. This is another significant milestone following its first breakthrough of the $100,000 mark in November 2024.
The main driving factors behind this round of increases include:
1. Continued institutional inflows: The ongoing purchases by Bitcoin ETFs and institutions like MicroStrategy are considered key forces driving BTC from $70,000 to over $100,000.
2. Strong technicals: A 'bullish engulfing' pattern has appeared on the daily chart, with the 120-day moving average about to cross above the 200-day moving average, indicating a clear bullish trend.
3. Market sentiment is high: As prices break previous highs, the pressure from trapped positions is released, and signs of accelerated price increases are observed in the market.
Additionally, some analysts believe that after Bitcoin breaks its historical high, it could further rise to $125,000 or even higher.
However, there are also voices reminding investors to be cautious of short-term volatility risks, especially after a rapid price surge, as the market may experience severe fluctuations.