Bitcoin skyrocketed to an unprecedented $116,664 on Thursday, driven by a surge in institutional interest, significant inflows into exchange-traded funds (ETFs), and renewed political support from the Trump administration.
This sudden surge in value has left many traders astonished and resulted in the largest wave of liquidations seen in recent years, indicating a robust shift in market momentum.
By 11:15 PM ET, Bitcoin had surpassed its previous record of $113,734, reached just hours earlier. The leading cryptocurrency is now approximately 24% above its price at the beginning of the year, with experts now targeting $130,000 as the next significant benchmark.
The recent price increase aligns with a distinctly bullish market structure, as reported by 10X Research.
Traders Take Action as Market Volatility Fuels Optimism
In communication to clients, the firm indicated that a short-term breakout signal had been activated, which historically has been followed by median gains of 20%. This trend could point to a price target near $133,000 by September.
The Crypto Fear & Greed Index has now shifted into the “Greed” zone following Bitcoin’s new all-time high today.
Where do you stand on the scale? pic.twitter.com/c4LkrLF1fH
— CoinGecko (@coingecko) July 11, 2025
“Our trading indicators suggest that this short-term breakout has a 60% chance of continued upward movement over the next couple of months,” said Markus Thielen, founder of 10X, in an interview with Finance Newso.
Beneath the surface, the trading environment has undergone significant changes. Implied volatility has recently dropped to its lowest levels in months, allowing traders to make low-cost bets on upward price movements.
Additionally, many traders found themselves underexposed after the June options expiration, prompting a rush to adjust their positions.
Over $1 Billion in Short Positions Liquidated Amid Bitcoin’s Surge
Additing to the momentum, more than $1.14 billion in leveraged positions were liquidated within the last 24 hours, as reported by CoinGlass. Of this total, approximately $1.02 billion derived from short sellers.
BREAKING: OVER $1 BILLION WORTH OF SHORTS ON CRYPTO LIQUIDATED IN THE PAST 24 HOURS pic.twitter.com/jlLixbWanA
— DEGEN NEWS (@DegenerateNews) July 11, 2025
Bitcoin was responsible for more than half of the total liquidations, amounting to $591 million. Ethereum followed with $241 million, while other cryptocurrencies like Hyperliquid, Solana, and XRP faced substantial losses as well.
Trump’s Policies and $15 Billion in ETF Investments Bolster Bitcoin’s Surge
This wave of volatility is correlated with advancing pro-crypto policies under the Trump administration. In March, the president signed an executive order to create a national cryptocurrency reserve. His administration has since appointed pro-crypto figures to influential roles, notably SEC’s Paul Atkins and AI policy lead David Sacks.
Additionally, businesses associated with Trump are intensifying their involvement in the sector. Trump Media & Technology Group has recently applied to establish a cryptocurrency ETF that will include multiple tokens, Bitcoin among them.
With sustained demand for ETFs, improving macroeconomic conditions, and favorable regulatory developments, many traders perceive this breakout as a precursor to a longer-term bullish trend.
“Bitcoin may be moving into a higher trading range,” Thielen noted. “Since mid-April, Bitcoin ETFs have acquired $15 billion worth of BTC, contributing to driving prices upward.”
As cryptocurrency markets heat up once again, the focus shifts to the upcoming U.S. Consumer Price Index report and the start of “Crypto Week” in Washington, both of which could present new catalysts or challenges for the digital currency landscape.
The post Bitcoin Soars to Fresh Record at $116K, Forecasts Hint at $130K by Fall appeared first on Finance Newso.
