Categories: Crypto

Bitcoin hits $112K new ATH after breaking past key resistance

Key Takeaways

Bitcoin’s all-time high comes amid rising ETF inflows and favorable US regulatory signals
At Bitcoin’s new all-time high, crypto liquidations surged past $480 million.

Bitcoin reached a new all-time high of $112,000 today, according to TradingView data. The price surged over 2% past $109,000 on Wednesday afternoon and quickly broke through $112,000.

The $110,000 level had been a key resistance in recent weeks, with investors repeatedly taking profits near that mark. At press time, Bitcoin was trading near $111,200.

The rally also lifted the broader crypto market, with Ethereum’s ether surging 6% to $2,800, its highest level in a month.

Spot Bitcoin ETFs recorded over $1.2 billion in net inflows since the start of July, according to Farside Investors data. Analysts also pointed to Bitcoin treasury companies and a favorable US regulatory environment as key drivers.

According to Coinglass data, more than $286 million in positions were liquidated over the past hour, including $193 million from Bitcoin trades. Over the past 24 hours, total crypto liquidations topped $480 million, with Bitcoin accounting for $222 million.