Bitcoin Reaches New All-Time High Above $116,000

Bitcoin surged past $116,000 on July 11, marking a new all-time high amid intense market momentum.

The digital asset rose 4.96% in 24 hours to reach $116,618, driven by a combination of technical breakout, massive short liquidations, and strong institutional inflows into spot ETFs.

Technical breakout triggers short squeeze

The rally gained steam after Bitcoin broke resistance at $115,000 and cleared a bearish trendline near $111,000. This technical breakout activated a wave of algorithmic buying and triggered a cascade of liquidations, totaling $591 million in short positions within 24 hours.

Derivatives markets reflected extreme positioning. Open interest jumped 34.3% to $1.13 trillion, while funding rates on perpetual futures soared by 142.77%—both hallmarks of a short squeeze environment. The combination of forced buybacks and trend-following trades amplified Bitcoin’s upward trajectory.

Read More:

Bullish structure remains intact

From a technical standpoint, Bitcoin remains firmly bullish. The price is holding above all key moving averages, including the 7-day SMA at $110,009. RSI (14) stands at 70.96—elevated but not yet overheated—while the MACD histogram expanded to +642.92, reinforcing upward momentum.

Looking ahead, Fibonacci projections place the next resistance level at $121,592, marking the 127.2% extension from the previous breakout zone. With bullish sentiment, ETF flows, and momentum indicators aligning, Bitcoin appears poised to test higher targets in the near term.