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.
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.