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.

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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.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.