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Bitcoin Soars to New Record Above $116,000 as Analysts Debate Next Move
Bitcoin has shattered a new all-time high, surging past $116,000 on Thursday after blowing through resistance at $113,800. The world’s oldest cryptocurrency has doubled over the past year, rocketing from around $57,899 twelve months ago to today’s highs.
Now, analysts and veteran crypto participants are debating whether the rally can continue toward $120,000—or if the latest price spike could prove fleeting. This live blog will continue updating as new developments unfold.
Nearly $1B in Shorts Liquidated
— Krisztian Sandor, CoinDesk Markets Reporter (22:40 UTC)
Thursday’s sharp rally triggered over $950 million in liquidations for leveraged short positions across crypto markets, the largest single-day wipeout this year, according to CoinGlass data. Short sellers had been betting prices would fall—but instead, bitcoin’s surge forced them to cover their positions.
$140K Price Target Gains Traction
— Aoyon Ashraf, Head of Americas (22:28 UTC)
Prediction markets are betting even bigger. On Kalshi, traders have priced in bitcoin potentially hitting $141,000 by year-end. This echoes optimism from analysts like Gerry O’Shea of Hashdex, who wrote:
“While the macro environment will remain uncertain, we believe the bull market is far from over. New catalysts, including more institutional platforms offering bitcoin access, could push BTC to $140,000 or higher this year.”
Michael Saylor Celebrates Massive Gains
— Aoyon Ashraf, Nikhilesh De (22:05 UTC)
Few have more reason to celebrate bitcoin’s new record than Michael Saylor, executive chairman of MicroStrategy. He posted triumphantly on social media:
“The halls of eternity echo with the cries of those who sold their Bitcoin.”
Since 2020, MicroStrategy has amassed 597,325 bitcoin, effectively acting like a pseudo-bitcoin ETF before actual spot ETFs were available in the U.S. At today’s prices, the company’s holdings are valued at roughly $69.29 billion.
Echoes of 2017—but a Different Landscape
— Nikhilesh De, CoinDesk Managing Editor for Global Policy & Regulation (22:05 UTC)
Thursday’s frenetic market felt reminiscent of December 2017, when bitcoin first neared $20,000 after a year-long run from under $1,000. But the context in July 2025 is very different. Interest rates, institutional participation, regulatory scrutiny, and the scale of capital invested in crypto markets have all dramatically changed over eight years.
Calls for $120K Grow Louder
— Aoyon Ashraf, Head of Americas (21:42 UTC)
Some analysts believe the rally has more fuel left. Ryan Gorman, Chief Strategy Officer at Uranium Digital, said:
“Bitcoin accumulation through treasury strategies is gaining momentum across industries and regions. Combine that with President Trump’s bullish social media posts and the upcoming ‘Crypto Week’ in D.C., and we could see buyers overwhelming sellers.”
Gorman noted that bullish options positioning also suggests further upside. He added that low summer liquidity could help prices leap higher, forecasting bitcoin might hit $120,000 before the end of next week, despite broader macroeconomic uncertainties.
Bitcoin Sets Fresh Record at $116,221
— Aoyon Ashraf, Head of Americas (21:20 UTC)
MARA Holdings is reopening its live coverage to track bitcoin’s historic surge. Prices touched $116,221 on Coinbase, with similar highs reported across other major exchanges—a stark reminder of how quickly crypto markets can move.
Macro Drivers Behind BTC’s Rise
— Aoyon Ashraf, Head of Americas (20:20 UTC)
Beyond crypto-specific news, macroeconomic forces are also at play. The Kobeissi Letter notes that if the federal funds rate were cut by 3%—an idea floated by former President Trump—it could slash U.S. interest costs by $2.5 trillion over five years. However, such cuts could also reignite inflation, weaken the U.S. dollar by over 10%, and send asset prices soaring—including bitcoin, gold, and stocks.
Adding to uncertainty are rumors that Trump might attempt to remove Fed Chair Jerome Powell before his term ends, potentially installing a more dovish replacement and accelerating rate cuts.
No Extreme Speculation Yet
— Krisztian Sandor, CoinDesk Markets Reporter (20:08 UTC)
Despite bitcoin’s jump, perpetual futures funding rates remain neutral for most major crypto assets, suggesting speculative excess hasn’t yet hit fever pitch. As Charlie Morris, CIO at ByteTree, noted:
“Crypto feels quiet. But the quiet bulls are the best.”
Altcoins Rise—But Less Dramatically
— Tom Carreras, CoinDesk Markets Reporter (19:50 UTC)
Elsewhere, altcoins are enjoying modest gains, mostly between 2-5%. Notable standouts among the top 50 include:
- SUI up 12.4%
- PEPE up 8.6%
- DOGE up 6.3%
The CoinDesk 20 Index has climbed 3.2% on the day.
Market Structure Could Fuel Volatility
— Omkar Godbole, CoinDesk Co-Managing Editor for Markets (19:45 UTC)
Bitcoin is now trading in what’s called a “negative dealer gamma zone” between $112,000 and $120,000, according to Deribit options data tracked by Amberdata. This means market makers might have to buy more bitcoin as prices rise to stay hedged—potentially accelerating any rally further.
Dollar Weakness Driving BTC’s High?
— Nikhilesh De, CoinDesk Managing Editor for Global Policy & Regulation (19:20 UTC)
Some observers argue bitcoin’s record reflects more about dollar weakness than pure BTC strength. For instance, while BTC/USD has hit new highs, BTC/EUR remains below its January peak. As one analyst put it:
“A reason BTC has made yet another ATH in dollar terms is the devaluation of the dollar.”
Crypto Stocks Rally
— Helene Braun, CoinDesk Markets Reporter (19:12 UTC)
Thursday’s bitcoin surge lifted crypto-related stocks, including:
- Robinhood (HOOD) and Coinbase (COIN) up over 3%
- Miners like Hut 8, Bitfarms, and HIVE Digital gaining more than 4%
- Stablecoin issuer Circle (CRCL) up modestly by 0.4%
Different Cycle, Different Buyers
— James Van Straten, CoinDesk Bitcoin Analyst (18:55 UTC)
Unlike the leverage-fueled second half of the 2021 bull run, today’s rally features new dynamics—new corporate buyers, a potentially pro-crypto U.S. president, and shifting Fed leadership. Even so, technical signals remain mixed:
- Daily RSI shows bearish divergence.
- Trading volumes are lower than during January’s initial highs.
- BTC remains below its record highs versus EUR and GBP.
Some trading desks remain cautious, despite having been wrong about earlier rallies from $30k to $70k.
The big question now: Is bitcoin on a sustainable march toward $120,000—or will this surge fizzle out like past peaks? Stay tuned as the liveblog continues.
