Nazia Saeed
- Bitcoin reaches $112,000, breaking May peak and key resistance at $110K
- Over $480 million in crypto liquidations in 24 hours, $222 million from BTC
- Spot Bitcoin ETFs add $1.2 billion in July inflows
Bitcoin hit a new all-time high of $112,000 on Wednesday, breaking through key resistance at $110,000 after gaining over 2% in afternoon trading, according to TradingView data.
The $110,000 level had served as a profit-taking zone in recent weeks. At press time, Bitcoin was trading near $111,006.
The surge boosted the broader crypto market, with Ethereum’s ether jumping 6% to $2,800 its highest level in a month.
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Analysts pointed to strong institutional demand, including $1.2 billion in net inflows to spot Bitcoin ETFs since July began, according to Farside Investors.
High liquidations drive momentum
More than $286 million in liquidations occurred in the past hour, including $193 million in Bitcoin trades. Total 24-hour crypto liquidations topped $480 million, with Bitcoin accounting for $222 million.
Analysts also cited a favourable U.S. regulatory environment and growing corporate treasury allocations as additional drivers.
