Bitcoin Surges 7% to New All-Time High of $113,833

Bitcoin recently achieved a new all-time high, surpassing $113,833 on July 10, marking the second consecutive day of breaking records. This surge has sparked significant bullish momentum across the market, with analysts from B2BINPAY suggesting that Bitcoin could potentially reach $120,000. The cryptocurrency had been trading within a range of $106,000 to $110,000 for several weeks before finally breaking through the $112,000 resistance level. This breakout resulted in over $280 million in liquidations within just one hour, indicating a strong shift in market sentiment.

According to B2BINPAY analysts, the latest breakout above $112,000 signals that the market has moved out of its indecisive phase, with clear evidence of renewed spot demand and conviction buying. This bullish momentum is further supported by Bitcoin's dominance reaching multi-year highs at 64%. Factors contributing to this dominance include strong ETF demand, significant exchange outflows into cold storage, and increased corporate treasuries holding Bitcoin. These indicators suggest a robust market position for Bitcoin, with structural chart analysis pointing towards the $115,000-$120,000 zone as the next potential target.

While Bitcoin's dominance is at multi-year highs, there is still potential for altcoins to rally. According to B2BINPAY analysts, a potential altcoin rally will likely depend on macroeconomic factors. Currently, the trend favors Bitcoin, but altcoins are positioning for a late-summer rotation. However, any macro shocks, such as a hawkish Fed pivot or geopolitical escalation, could cause Bitcoin's dominance to spike further as risk appetite diminishes. Altcoins, being more sensitive to macro shocks, could face significant negative effects in such scenarios.

Bitcoin's recent surge to an all-time high of $112,052 was driven by strong institutional demand and favorable macroeconomic conditions. The cryptocurrency's dominance at 64% reflects its robust market position. This price surge was further fueled by a wave of short liquidations, as traders anticipated a critical move that could propel the price towards $120,000 or higher. The market sentiment, as reflected by Polymarket's user sentiment, shows a 75% likelihood of Bitcoin surpassing $120,000 by the end of the year, underscoring the strong community involvement and optimism surrounding the cryptocurrency.

The recent price action has been characterized by a consolidation zone between the recent low near $97,000 and the prior all-time high, with a key extension level identified near $120,000. This technical analysis suggests that the next price magnet could be $120,000 if the current momentum holds. The market's open interest leaning heavily towards calls further supports this bullish outlook. However, it is important to note that thin order books and lighter summer volumes could introduce volatility, potentially affecting the price trajectory.

The surge in Bitcoin's price has been accompanied by strong ETF demand and significant exchange outflows into cold storage, indicating a shift towards long-term holding strategies. Corporate interest in Bitcoin has also played a role, with several high-profile companies adding the cryptocurrency to their balance sheets. This institutional involvement has provided a solid foundation for Bitcoin's price appreciation, as it signals a growing acceptance of the digital asset as a store of value.

Analysts have predicted that Bitcoin could surge by 20% to reach $120,000, driven by continued institutional inflows. This forecast is based on the current market dynamics and the increasing adoption of Bitcoin by institutional investors. However, it is crucial to recognize that this is a forecast and not a guaranteed outcome. The actual price movement will depend on various factors, including market sentiment, regulatory developments, and macroeconomic conditions.