Bitcoin climbed to another record on Thursday, crossing $113,734.64 and stretching this year’s gains to about 21%. A mix of institutional money and moves from President Donald Trump’s administration has pushed the rally forward.
In March, Trump signed an executive order to build a strategic reserve of cryptocurrencies. He’s also brought in allies who favour crypto, like Paul Atkins at the Securities and Exchange Commission and David Sacks as the White House AI lead. Trump Media & Technology Group wants to launch an exchange-traded fund to hold a basket of digital tokens, Bitcoin included. An SEC filing on Tuesday confirmed that plan.
Traders position for more upside
Options traders aren’t stopping here. Contracts on Deribit show big bets on Bitcoin touching $115,000 and $120,000 soon. Farther out, there’s strong interest in September and December calls at $140,000 and $150,000.
Chris Newhouse, director of research at DeFi trading firm Ergonia, said: “Notably, the options market is reflecting renewed bullish conviction. Yesterday’s move to all-time highs came after the largest short liquidation event since May 7th, with approximately $447 million in positions liquidated, a clear indication that bearish positioning had become overcrowded and vulnerable to a squeeze.”
Since Bitcoin topped $112,000 on Wednesday, those forced sales have slowed, dropping to about $76.5 million in the last 12 hours, down sharply from $456 million earlier, according to Coinglass data.
White House stokes sentiment
Trump’s comments on Truth Social added fuel to Thursday’s surge. After November’s election, investors bet the second Trump presidency would mean easier rules for crypto. A Congressional committee even named the week of 14 July as ‘Crypto Week’.
For many traders, this is a sign the political climate will stay friendly. The funding rate for Bitcoin perpetual futures remains positive too — more people want to hold long positions.
Companies load up on Bitcoin
Another piece of this puzzle is corporate buying. Mauricio Di Bartolomeo, co-founder and CSO of Ledn, said: “Bitcoin has reached a new all-time high on the back of relentless demand from investors and corporations.”
He pointed to new crypto treasury companies raising money through shares or debt, then holding Bitcoin to act as stand-ins for the digital coin in stock markets. This is part of the reason Bitcoin’s momentum has stayed strong.
Storm clouds on trade
But it’s not all smooth sailing. New tariffs are expected from Trump’s administration in August. Some investors see Bitcoin as a hedge if trade tensions hit stocks or currencies.
Roshan Roberts, chief executive of trading platform OKX US, summed it up: “Bitcoin is showing why it’s in a class of its own. As trade tensions flare and altcoins stumble, institutions are treating BTC as a macro hedge and a maturing asset class. July will test markets, but Bitcoin looks built for it.”
Technical view: How high and where support lies
Chart watchers have spotted another positive sign. On Wednesday, Bitcoin’s price moved above the top trendline of a descending channel. This breakout sets up a possible run higher, backed by a strong relative strength index still under overbought levels.
Using the measuring principle — a simple way to gauge the distance a price might move next — traders see a target near $146,400. That’s about 32% above where Bitcoin sits today.
If the price dips, keep an eye on $107,000. That level could act as support near the 50-day moving average and past highs from December and January. If that breaks, the next line of defence sits around $100,000, which lines up with trading ranges dating back to last November.
Bitcoin is now trading almost 50% above its April low. Its year-to-date return matches big names like Nvidia and Microsoft. Whether it can keep that pace depends on fresh demand and how it weathers global tensions.
For now, the bulls are in charge. Eyes are on whether Bitcoin’s momentum can stretch into new territory or if this high will meet resistance as summer rolls on.
In March, Trump signed an executive order to build a strategic reserve of cryptocurrencies. He’s also brought in allies who favour crypto, like Paul Atkins at the Securities and Exchange Commission and David Sacks as the White House AI lead. Trump Media & Technology Group wants to launch an exchange-traded fund to hold a basket of digital tokens, Bitcoin included. An SEC filing on Tuesday confirmed that plan.
Traders position for more upside
Options traders aren’t stopping here. Contracts on Deribit show big bets on Bitcoin touching $115,000 and $120,000 soon. Farther out, there’s strong interest in September and December calls at $140,000 and $150,000.
Chris Newhouse, director of research at DeFi trading firm Ergonia, said: “Notably, the options market is reflecting renewed bullish conviction. Yesterday’s move to all-time highs came after the largest short liquidation event since May 7th, with approximately $447 million in positions liquidated, a clear indication that bearish positioning had become overcrowded and vulnerable to a squeeze.”
Since Bitcoin topped $112,000 on Wednesday, those forced sales have slowed, dropping to about $76.5 million in the last 12 hours, down sharply from $456 million earlier, according to Coinglass data.
White House stokes sentiment
Trump’s comments on Truth Social added fuel to Thursday’s surge. After November’s election, investors bet the second Trump presidency would mean easier rules for crypto. A Congressional committee even named the week of 14 July as ‘Crypto Week’.
For many traders, this is a sign the political climate will stay friendly. The funding rate for Bitcoin perpetual futures remains positive too — more people want to hold long positions.
Companies load up on Bitcoin
Another piece of this puzzle is corporate buying. Mauricio Di Bartolomeo, co-founder and CSO of Ledn, said: “Bitcoin has reached a new all-time high on the back of relentless demand from investors and corporations.”
He pointed to new crypto treasury companies raising money through shares or debt, then holding Bitcoin to act as stand-ins for the digital coin in stock markets. This is part of the reason Bitcoin’s momentum has stayed strong.
Storm clouds on trade
But it’s not all smooth sailing. New tariffs are expected from Trump’s administration in August. Some investors see Bitcoin as a hedge if trade tensions hit stocks or currencies.
Roshan Roberts, chief executive of trading platform OKX US, summed it up: “Bitcoin is showing why it’s in a class of its own. As trade tensions flare and altcoins stumble, institutions are treating BTC as a macro hedge and a maturing asset class. July will test markets, but Bitcoin looks built for it.”
Technical view: How high and where support lies
Chart watchers have spotted another positive sign. On Wednesday, Bitcoin’s price moved above the top trendline of a descending channel. This breakout sets up a possible run higher, backed by a strong relative strength index still under overbought levels.
Using the measuring principle — a simple way to gauge the distance a price might move next — traders see a target near $146,400. That’s about 32% above where Bitcoin sits today.
If the price dips, keep an eye on $107,000. That level could act as support near the 50-day moving average and past highs from December and January. If that breaks, the next line of defence sits around $100,000, which lines up with trading ranges dating back to last November.
Bitcoin is now trading almost 50% above its April low. Its year-to-date return matches big names like Nvidia and Microsoft. Whether it can keep that pace depends on fresh demand and how it weathers global tensions.
For now, the bulls are in charge. Eyes are on whether Bitcoin’s momentum can stretch into new territory or if this high will meet resistance as summer rolls on.
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