Bitcoin News Today: Bitcoin Nears All-Time High as 92.55% of Shorts Wiped Out

Bitcoin (BTC) continues its upward trajectory, trading above $121,400 as of Monday and nearing its all-time high of $123,218, set on July 14[1]. The recent price surge has triggered a massive short squeeze, wiping out 92.55% of short positions in the last 24 hours, according to CoinGlass data[2]. This sharp move has led to significant liquidations, with Coinglass estimating that surpassing the $123,218 level could trigger another round of short liquidations worth up to $1.14 billion[3].

The institutional demand for Bitcoin has also shown signs of resuming. US-listed spot Bitcoin ETFs recorded a net inflow of $246.75 million in the past week, reversing the trend of outflows seen in the previous week, which totaled $643.04 million[4]. While this inflow indicates renewed interest, it remains far below the levels observed in mid-July when Bitcoin reached record highs.

Regulatory clarity has played a key role in supporting the market's optimism. On Thursday, US President Donald Trump signed an executive order aiming to permit the inclusion of cryptocurrency in 401(k) retirement accounts, signaling potential institutional adoption[5]. Additionally, the US Securities and Exchange Commission (SEC) recently stated that crypto liquid staking activities do not constitute a securities offering, offering much-needed clarity for the sector[6].

Market participants are now turning their attention to macroeconomic developments. The upcoming release of July’s Consumer Price Index (CPI) data on Tuesday could provide insight into inflation trends and influence the likelihood of future interest rate cuts by the US Federal Reserve[7]. Meanwhile, ongoing US-China trade talks, with a key deadline set for August 12, are expected to add volatility to risk assets like Bitcoin[8].

Technical indicators also support a bullish outlook. The RSI on the daily chart stands at 65, above the neutral level of 50, indicating strong bullish momentum. Additionally, the MACD showed a bullish crossover on Monday, issuing a buy signal[9]. If Bitcoin maintains its upward momentum and closes above $123,218, it could enter a price discovery phase with bulls targeting the next psychological level at $125,000[10]. A potential correction could see the price retest the support level at $116,000.

QCP Capital noted that institutional demand and spot ETF flows will be crucial to monitor as Bitcoin approaches its previous highs. The firm also highlighted that the market has absorbed recent large whale sell-offs without showing signs of losing momentum, further reinforcing the structurally bullish case for Bitcoin[11].

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[1]https://www.fxstreet.com/cryptocurrencies/news/bitcoin-price-forecast-btc-closes-in-all-time-highs-wiping-out-vast-majority-of-short-positions-202508111045