Bitcoin Smashes Past $117,000 as Short Liquidations Exceed $850M – Eyes Set on $120K Next

Bitcoin (BTC) exploded to a new all-time high above $117,000 on Thursday, sending shockwaves across the crypto market and triggering over $850 million in liquidations, primarily from short positions. The sharp rally marks a pivotal breakout for BTC, with technical and fundamental indicators pointing toward further gains.

📈 Key Highlights

• BTC surged past $117K for the first time in history
• Over $730M in short positions liquidated in 48 hours
• ETF inflows, institutional buying, and political backing drive momentum
• Bull flag breakout sets technical target near $120,000

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Bitcoin Rockets to Historic Highs as Short Sellers Get Crushed

Bitcoin’s meteoric rise on July 11 caught many traders off guard. The digital asset climbed over 8% since the start of the week, reaching $117,000 on Bitstamp, its highest price ever recorded.

According to CoinGlass, over $447 million in shorts were liquidated on Wednesday alone, followed by another $283 million on Thursday. Long positions were also impacted but to a much lesser extent. The sharp wave of forced liquidations created a feedback loop of buying pressure, fueling a classic short squeeze.

Perpetual futures funding rates remain positive, confirming that long interest is still strong. Traders are continuing to pay premiums to hold bullish positions, reflecting confidence in further upside.

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Why Is Bitcoin Soaring Right Now?

Several key drivers are converging to push BTC into uncharted territory:

✅ Institutional Demand Surges:
Bitcoin ETFs in the U.S. are seeing consistent inflows. Assets under management have grown from $105B in January to over $136B as of July 9, according to Glassnode.

✅ Corporate Accumulation Accelerates:
Bitwise data shows publicly listed companies added 159,107 BTC to their holdings in Q2 2025—a 250% quarterly jump—worth over $18 billion.

✅ Trump’s Pro-Crypto Tone:
Donald Trump’s recent remarks on Truth Social reaffirmed his pro-Bitcoin stance, further boosting market sentiment. With political backing growing, investors are betting on a more favorable regulatory climate ahead.

✅ Weakening Dollar Supports Risk Assets:
The US Dollar Index (DXY) continues to drift lower, creating a supportive backdrop for Bitcoin and other risk-on assets.

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Technical Setup: Bull Flag Targets $120K+

BTC has now confirmed a breakout above the upper boundary of a month-long bull flag pattern. The measured target from this breakout points to the $120,000 area. This bullish momentum is backed by:

• Rising trading volume
• A strong 50-day EMA trend above the 200-day EMA
• RSI near 71, showing robust—but not yet overbought—buying strength

If BTC maintains its momentum, the next stop for bulls could be the $120K psychological level, now acting as short-term resistance.

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What to Watch Next

With the market still digesting this historic move, all eyes remain on whether Bitcoin can sustain its breakout and extend toward $120,000. Key factors to watch:

• ETF inflow trends
• US political commentary on crypto
• Further institutional buying
• Macro trends, especially around the US Dollar and Fed policy

Stay tuned to www.dailyforex.pk for real-time updates, expert analysis, and the latest developments in crypto markets.