Bitcoin Hits $117,000 For The First Time in History: Over $850M Positions Liquidated

Bitcoin (BTC) hit a new record high on Thursday, triggering over $850 million in crypto liquidations as leveraged traders were caught off guard by the rally.

The top cryptocurrency climbed to over $117,000 on Bitstamp, gaining about 8% since July 9. The rally spilled over into the broader crypto market, with altcoins like XRP (XRP) and Ether (ETH) posting even stronger gains.

Leveraged Short Positions Suffered The Most

CoinGlass data shows that since July 10, over $730 million in short positions—$447.54 million on Wednesday and $282.89 million on Thursday—have been liquidated.

Long positions also faced pressure, with $61.11 million and $62.09 million in bullish bets wiped out across the same period, as price volatility triggered a cascade of forced closures.

The sharp rise in liquidations, particularly of short positions, likely added fuel to the rally. As prices climbed, traders betting against the market were forced to buy back assets to cover their positions, a process known as a short squeeze.

The buying pressure amplified Bitcoin’s breakout and lifted altcoin prices across the board.

Bitcoin’s perpetual future funding rates remain firmly in positive territory, signaling strong demand for long positions.

These contracts, among the most popular tools for leveraged crypto trading, reflect traders’ willingness to pay a premium to maintain bullish exposure.

Why is the Bitcoin Price Rising Suddenly?

A mix of political support, institutional demand, and market structure dynamics appears to be driving Bitcoin’s latest surge.

Bullish remarks by US President Donald Trump on his Truth Social platform added to the momentum Thursday, reinforcing his ongoing pro-crypto narrative. He noted:

The BTC price rally also comes after a period of relentless inflows into US-based Bitcoin ETFs. As of July 9, these funds were collectively managing $136.50 billion in assets compared to $105.43 billion at the year’s beginning.

Meanwhile, further demand for Bitcoin is coming from corporations, with the latest Bitwise data revealing a 250% surge in the BTC holdings of public companies.

In the second quarter of 2025 alone, companies added a record 159,107 BTC to their balance sheets, amounting to over $18.30 billion as of July 10.

A depressive US Dollar Index (DXY) has further driven upside momentum across riskier assets in recent days, particularly benefiting Bitcoin.

Bitcoin Nears $120K Bull Flag Target

Bitcoin has broken above the upper trendline of a month-long bull flag pattern.

The structure includes two sharp flagpole rallies and a consolidation phase forming lower highs and lower lows. It’s measured move from the flag’s breakout points to a target of over $120,000.

The breakout occurred with rising trading volume. The 50-day EMA is trending above the 200-day EMA, reinforcing bullish momentum. RSI is near 71, indicating strong but not extreme buying pressure. The $120K zone now acts as the next technical resistance level.