The day after yesterday, Ass, Bitcoin reached $112,000. Bitcoin officially reached its new all-time high (ATH) of $113,900 today, extending its bullish run that reignited in late June. Just 18 days ago, BTC was trading around $98,000. Today’s ATH highlights an accelerated global shift in viewing Bitcoin as both a value store and a strategic asset.
Meanwhile, Coinglass data shows that $50 million worth of Bitcoin shorts have been settled in the past few hours, with over $1.5 billion being set to be settled at $120,000. As Bitcoin continues its upward trajectory, it causes large short slants, forcing bearish traders to buy back at higher prices, further accelerating price action.
According to Polymarket, the world’s largest betting platform, the most likely result to have reached $115,000 by the end of July is 80% and 44% of the time, and the results could reach $120,000.
In an interview with Bloomberg, Federal Reserve member Christopher Waller is considering cutting interest rates this month, which could further increase the price of Bitcoin.
President Donald Trump, who has put heavy pressure on Fed Chairman Jerome Powell to cut interest rates, even asking Powell to step down and be investigated by Congress, has seen today’s Bitcoin price rise in his true social account, and stocks reach record highs. “crypto,” through the roof,” the president said. “The Fed needs to rapidly lower low rates to reflect this strength.”
Today, 99.85% of all Bitcoin addresses were reported to be profitable. That number reached 100% as Bitcoin was destroyed with new Time Highs above $113,900.
Since November 16, 2022, El Salvador has steadily purchased Bitcoin every day to prepare for the Ministry of Finance. Currently, the country has over 6,233 BTC in the Ministry of Finance. After today’s rising price movement, El Salvador’s Bitcoin reserve exceeded its $700 million worth.
Source: https://bitcoinmagazine.com/news/bitcoin-hits-new-all-time-high-of-113900-as-adoption-accelerates
