Last week, Bitcoin’s price surged nearly 6%, and on July 9, the cryptocurrency briefly climbed to a new all-time high, surpassing $112,000. The rally triggered a short squeeze, forcing traders holding short positions in Bitcoin to close out nearly $200 million worth of bets—providing additional upward momentum. The crypto market is responding to optimistic sentiment on Wall Street and weakness in the US dollar, which naturally steers investors toward “anti-dollar” safe havens like Bitcoin.
- The total cryptocurrency market capitalization now stands near $3.5 trillion, compared to the record $3.73 trillion reached in December 2024, when altcoins were outperforming. This time, however, Bitcoin’s explosive move has also boosted sentiment among speculative tokens. Today, Trump Coin, Compound, and Ethereum (up nearly 2% above $2,800) are among the top gainers.
- On-chain data (Glassnode) shows that Bitcoin exchange reserves have been steadily declining since late April, dropping below 3 million BTC from over 3.1 million BTC observed in mid-March. According to Bitfinex analysis, the bull market foundations remain solid, with limited appetite for leveraged positions. A significant portion of buying activity is currently spot-driven.
Bitcoin (1-hour chart)
Interestingly, since the peak panic on April 2, Bitcoin has gained over 50%, mirroring the performance of Nvidia stock (NVDA.US). On days when the S&P 500 index declines, BTC often remains resilient and decouples from the broader stock market sentiment. At the moment, Bitcoin is holding near $111,400, still within striking distance of its ATH zone. Volatility remains relatively subdued, despite these record price levels.
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Source: xStation5
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