Bitcoin Surges 3% to New All-Time High of $112,000 as Whales Drive Market

Generated by AI AgentCoin World
Wednesday, Jul 9, 2025 11:21 pm ET1min read
BTC
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ETH
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The cryptocurrency market has witnessed a notable upswing, with

Bitcoin
achieving a new all-time high surpassing $112,000. This surge is attributed to several factors, including a decline in small-wallet activity and increased purchases by large investors, known as whales. According to on-chain data, Bitcoin's price surged after a period of inactivity and a decrease in small-wallet transactions. This trend indicates that smaller retail investors were either selling or holding back, providing an opportunity for whales to enter the market and buy.

Bitcoin's breakout was swift and powerful, reaching $111,881 in a single massive move. Prior to this, the price was confined within a narrow range between $107,400 and $109,800. The previous range now serves as a crucial support area. If the price retests and maintains above $109,800, bulls may have more room to drive the price higher. This pattern of a quiet range followed by a sudden breakout and subsequent strength test has been observed multiple times.

While Bitcoin has garnered significant attention,

Ethereum
has also maintained its position above $2,530. Data reveals a major support zone between $2,378 and $2,454, where nearly 70 million ETH was acquired by over 3 million addresses. This creates a substantial barrier of buyers who are unlikely to sell soon. Additionally, there is minimal resistance ahead, with some sellers between $2,607 and $2,884, but not enough to halt ETH's momentum if it builds. Over 84% of ETH holders are in profit, reducing the pressure to sell.

The narrative in both Bitcoin and Ethereum is clear: when retail traders become nervous or disinterested, long-term holders and whales take control. This shift has fueled Bitcoin's breakout and is helping Ethereum remain stable. If Bitcoin can stay above $109,800 and Ethereum continues to defend the $2,380 zone, the next upward movement might be imminent. The charts and wallet activities suggest that the market is poised for further gains.