Bitcoin just demolished the $112,000 barrier, leaving short sellers nursing $340 million in liquidations—ouch. The digital asset surged 6% this week, climbing from $98,000 since late June with a 20% year-to-date gain. Nearly $340 million got wiped out as bears learned another expensive lesson. Analysts now eye $120,000 as the next target, though support sits at $93,000 if momentum fizzles. The technical picture and market dynamics reveal whether this rally has real staying power.
Bitcoin just shattered its previous record, blasting past $112,000 to set a new all-time high. The digital asset surged nearly 6% over the past week, climbing steadily from around $98,000 since late June 2025. That’s a solid 20% gain year-to-date, proving the bears wrong once again.
The rally wasn’t without drama. Bitcoin repeatedly tested resistance at $110,500 like a stubborn teenager pushing boundaries before finally breaking through. When it did, chaos ensued. Short sellers got absolutely wrecked, with nearly $340 million in liquidations wiping out traders who bet against the crypto king. The supply squeeze following the 2024 halving has contributed significantly to the upward price pressure.
Adding fuel to the fire, some whale dropped a massive $150 million long position at $108,885 with 40x leverage. Because apparently, regular gambling isn’t exciting enough anymore. The move amplified volatility and helped push Bitcoin to new heights, though it also highlighted how wild this market can get.
When whales decide regular investing is too boring, they unleash $150 million bets that shake the entire market.
The surge lifted the entire crypto market cap back to $3.47 trillion, though it’s still trailing December 2024’s peak of $3.73 trillion. Ethereum joined the party, climbing 7% alongside Bitcoin’s run. Other major cryptocurrencies followed suit, because that’s how this game works.
Corporate adoption keeps building momentum. BlackRock’s Bitcoin ETF now holds over 700,000 BTC, representing roughly 3.33% of the total supply. The fund’s fee revenue already surpasses their flagship S&P 500 ETF, despite being just 18 months old. That’s either impressive or concerning, depending on your perspective.
El Salvador continues its Bitcoin experiment, holding over 6,232 coins and sitting on $400 million in unrealized gains. The government plans to keep buying one Bitcoin daily, treating it as a hedge against fiat inflation. Bold strategy for a small nation.
Technical analysts now eye $120,000 as the next target after breaking the $112,000 barrier. Failure to maintain momentum could send prices tumbling toward $93,000 support. Market conditions appear healthier after recent deleveraging cleared out over-leveraged positions. Meanwhile, exchange reserves have declined to 2.99 million BTC, signaling that long-term investors are pulling their coins off exchanges and holding tight. The Nasdaq Composite also reached a high on the same day as Bitcoin’s surge, reflecting broader market optimism.
The question remains whether this rally has legs or if it’s just another crypto fever dream destined to crash back to reality.
