Bitcoin Surges 2.3% Reaching New All-Time High of $112,000

Bitcoin, the world's largest cryptocurrency, has made a significant overnight surge towards its all-time high price level. The cryptocurrency experienced a 2.3% increase during the day, bringing it within 0.76% of its previous record. This surge has sparked considerable interest and speculation among crypto enthusiasts and investors alike.

The previous all-time high price record for Bitcoin was $111,900, according to the averages of cryptocurrency exchanges. On Binance, Bitcoin successfully broke this record, reaching a new all-time high of $112,000. This milestone has further fueled optimism among experts who believe that Bitcoin will continue its upward trajectory in the coming months. The cryptocurrency's price has been fluctuating significantly, influenced by various factors including institutional investment and market sentiment.

Bitcoin's price has been capped at $110,000 for several days, with the cryptocurrency experiencing noisy behavior just below this level. This area has been important multiple times, and the market is currently trying to build up the necessary momentum to go higher. However, the noise in the market makes it difficult to discern the short-term trading direction. Longer-term trades, however, clearly indicate an upside trend. To truly take off to the upside and continue the trend, Bitcoin needs to clear the $112,000 level. If and when this happens, it could open up a move to the $120,000 level and possibly even higher, given enough time.

Market participants have been building positions every time there is a dip, as buyers continue to return to the market on each and every value play. The 50-day Exponential Moving Average (EMA) is just above the $105,000 level, and traders continue to believe in Bitcoin and work off a lot of froth from a huge move to the upside. With this, it's probably only a matter of time before we do get that breakout. On dips, you have to think of it as cheap coins. $100,000 is the massive floor in the market underneath. And if we were to break down below there, then possibly we could look for shorting opportunities. We have a bit of problems at the moment, but right now this is a market that's just working off what had been an extremely hot run to the upside.

The reason for the price increase is stated as Donald Trump postponing his tariff threats again and the fact that there is no longer much reaction from the financial world to the tariff threats. With the sudden rise, the amount of liquidation in the cryptocurrency market in the last 24 hours reached $428 million, of which $380 million were in short positions. The amount of liquidation in the last hour was recorded as $235 million, of which $233 million were in short positions.