Bitcoin (BTC) Price Update: $112K Milestone Within Reach
Bitcoin broke out of its recent tightly-bound trading range during U.S. Wednesday afternoon hours, threatening to surpass its May record of $112,000. The largest cryptocurrency briefly reached a new record in U.S. dollar terms on several exchanges before retreating towards $111,000. However, price data aggregates show that BTC remained just below its May 22 peak.
This move occurred amid a broader crypto rally, with Ethereum’s ether surging 6% to $2,760, its highest level in a month. At press time, Bitcoin was up 2.4% at $111,400.
During this swift upward move, approximately $425 million in leveraged short positions were liquidated across all crypto derivatives, according to data from CoinGlass. For BTC, the $110,000 level has been a significant barrier over the past several weeks, with investors taking profits and shorts increasing each time the price approached that level.
In the crypto-related stock sector, Strategy (MSTR) is up 4.4% at $414, just a few dollars shy of its highest level of 2025, though still below its record high of $543 set late last year. Coinbase (COIN) has gained 5%, while Bitcoin miners MARA Holdings (MARA) and Riot Platforms (RIOT) have both risen roughly 6%.
Market watchers observed that the slow, quiet buildup could be creating a bullish setup. “Crypto feels so quiet, [while] bitcoin is ready to move,” noted Charlie Morris, chief investment officer at ByteTree, in a report. He pointed out that bitcoin’s volatility has been steadily declining, a pattern that historically precedes significant upward movements.
“The setup for the next one is looking good,” he added. “As I keep on saying, the quiet bulls are the best.” Joel Kruger, market strategist at LMAX Group, highlighted ether’s strength above key technical support levels and increasing demand from long-only institutions betting on its future role in settlement infrastructure and asset tokenization.
This perspective was echoed by analysts from a leading digital asset manager, who identified ETH as one of the most promising tokens to consider in the growing tokenization trend.
UPDATE (July 9, 2025, 20:30 UTC): Adds more details throughout the story.
