Bitcoin Surges 10% to New All-Time High of $113,700

On July 10, Bitcoin (BTC) reached a new all-time high, surpassing $113,700 during the mid-North American session. This surge marks a significant milestone as the cryptocurrency enters a phase of price discovery, potentially leading to sustained bullish momentum in the coming days and weeks.

The rally above the previous all-time high of approximately $118,000, set in May, is driven by several key factors. Institutional investors, including U.S. spot BTC ETFs and corporations such as Strategy and Metaplanet, have provided unwavering support. Notably, BlackRock’s IBIT ETF recorded a substantial inflow of about $125 million on Wednesday, contributing to the bullish sentiment.

Additionally, the global money supply (M2) has been on the rise, with expectations of exponential growth in the near future. The recent approval of the One Big Beautiful Bill Act in the United States is projected to increase the federal deficit by $3.3 trillion over the coming years, further fueling the demand for Bitcoin.

On-chain data reveals intense accumulation of Bitcoin by both institutional investors and nation states, indicating a strong underlying demand. This accumulation, coupled with rising Open Interest (OI) in the futures market, has contributed to the bullish sentiment. According to market data, Bitcoin OI surged around 10 percent in the past 24 hours, hovering around $80 billion.

Technical analysis signals more volatility in the coming months, with a possible parabolic rally on the horizon. Crypto analyst CryptoBoss suggests that the parabolic phase of the altcoin market has begun and is likely to continue through the end of the year. This analysis is based on the recent surge in Bitcoin's price and the corresponding rally in the wider altcoin market, where Ethereum (ETH) price surged over 2 percent to trade around $2,830.

As a result of the heightened volatility, more than $325 million was liquidated from BTC’s leveraged positions in the past 24 hours. Despite this, Bitcoin’s dominance declined to 64.7 percent, suggesting that more investors are betting on an altseason, where alternative cryptocurrencies may experience significant gains.