Bitcoin Hits New All Time High Of $113,900 As Adoption Accelerates

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Bitcoin Hits New All Time High of $113,900 as Adoption Accelerates

Following yesterday’s all-time high (ATH) of $112,000, Bitcoin has today reached a new record high of $113,900, continuing its bullish momentum that began in late June. Just over two weeks ago, BTC was trading around $98,000, showcasing the rapid upward trajectory of the world’s most popular cryptocurrency. This latest ATH underscores the increasing global acceptance of Bitcoin as both a store of value and a strategic asset.

In the past few hours, approximately $50 million worth of Bitcoin shorts were liquidated, with over $1.5 billion worth of short positions expected to be liquidated at the $120,000 mark, as reported by Coinglass. With Bitcoin’s current upward movement, there is a looming possibility of a significant short squeeze, forcing bearish traders to cover their positions at higher prices, thus further propelling the price surge.

According to Polymarket, a leading prediction market platform, there is an 80% likelihood of Bitcoin hitting $115,000 by the end of July and a 44% chance of reaching $120,000.

In an interview with Bloomberg, Federal Reserve Board Member Christopher Waller hinted at a possible interest rate cut this month, which could further fuel the price surge of Bitcoin.

President Donald Trump, known for his vocal stance on economic policies, took to his Truth Social account to comment on the rising price of Bitcoin and record-high stock prices. Trump’s post emphasized the strength of the crypto market and urged the Fed to swiftly lower interest rates to reflect this positive trend.

Trump's post on his Truth Social account.

Recent data indicates that 99.85% of all Bitcoin addresses are currently in profit, with this figure reaching 100% as Bitcoin surged past $113,900 today.

Since November 16, 2022, El Salvador has been steadily accumulating Bitcoin for its national treasury reserves. With over 6,233 BTC now held in reserve, the value of El Salvador’s Bitcoin holdings has surpassed $700 million following today’s price increase.