BTC Reaches New All-Time High, Surging Beyond May Levels

After several weeks of sideways movement within a tight range capped at $110,000, Bitcoin finally broke out and reached a new all-time high at $112,000.

The rally comes after a notable dip that followed a May peak near $111,000. That pullback saw the price drop as low as $98,000 during a period of global tension. However, buyers stepped in quickly, pushing BTC back above the $100,000 mark — a level it hasn't fallen below for over two weeks now.

July began with low volatility as Bitcoin hovered between $105,000 and $110,000. But in the past few hours, bullish momentum returned with force, sending the price soaring past previous resistance and into uncharted territory.

Altcoins have also surged, with many posting gains of up to 10% in the same 24-hour period. The sharp moves across the market led to nearly $500 million in liquidations, mostly affecting over-leveraged short positions.