Bitcoin Price Hits New ATH, Eyes $120K Next

Bitcoin BTC $111 499 24h volatility: 2.4% Market cap: $2.22 T Vol. 24h: $36.57 B has reached a new all-time high, crossing $112,000 late on July 9, as strong investor appetite for risk assets and aggressive short liquidations fueled the rally.

The world’s largest cryptocurrency now boasts a market capitalization of $2.2 trillion, with 24-hour trading volumes surging 42% as traders rush to capture momentum. The surge has resulted in a jump in the Crypto Fear & Greed Index to a “Greed” score of 71, indicating rising market optimism.

For weeks, Bitcoin had been stuck in a tight consolidation range, with many traders doubting its ability to reclaim its previous highs set in May. However, it has recently confirmed a daily higher high, marking an end to the downtrend that began in late May.

Milk Road co-founder Kyle Reidhead shared the bullish momentum on X, declaring, “See you at $150k.” His comment followed earlier analysis showing a bullish cup-and-handle pattern on the weekly chart that, he believes, will lead BTC to $150,000 in the coming months.

see you at $150k 🫡 https://t.co/bvdCmzZq7X pic.twitter.com/rlcKhAzTBe

— Kyle Reidhead | Milk Road (@KyleReidhead) July 9, 2025

CryptoBusy highlighted a bullish flag formation on the 4-hour chart, noting that a close above $112,000 could result in a rally to the $120,000 level.

🟠 BITCOIN: Once we confirm above the $112,000 resistance, $120K is imminent for $BTC!

Just don't drop any negative fundamentals that could affect the market! pic.twitter.com/xqwbZXOgKE

— CryptoBusy (@CryptoBusy) July 10, 2025

Data from CoinGlass reveals that over the past 24 hours, approximately $219 million in Bitcoin short positions were liquidated as the price pierced through resistance levels. Notably, around $1.6 billion worth of shorts remain at risk of liquidation if BTC climbs to the $115,000 range.

Traders Still Cautious

At the time of writing, BTC is trading at around $111,078, up by over 2% in the past day. While optimism is high, analysts remain alert to the risk of profit-taking and potential market overheating.

It is worth noting that long-dormant Bitcoin wallets holding coins from 6–10 years ago have recently become active. Historically, such movements often coincide with major market shifts, with analysts suggesting a cautious approach.

Moreover, data from Santiment on Tuesday revealed the highest Bitcoin sentiment ratio in three weeks. However, Santiment analyst Brian Quinlivan noted that similar surges in trader optimism led to price pullbacks on June 11 and July 7.

🤪 Bitcoin traders are leaning very bullish once again with crypto's top coin's market value sitting just above $108.5K. Be cautious while crowd FOMO is pouring in, as it can often lead to short-term corrections.

🔗 Link to keep tabs on $BTC sentiment: https://t.co/NU755XSgel pic.twitter.com/cl8B0bsevy

— Santiment (@santimentfeed) July 8, 2025

Meanwhile, traders are looking for the best crypto to buy amid the anticipation of an altcoin rally after Bitcoin settles into a stable spot.

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