Bitcoin ($BTC), the flagship crypto asset, has recently touched its new all-time high price level. As per the latest reports, Bitcoin has effectively jumped above $112K as its new ATH amid wider shorts liquidations, increasing investor demand, and macroeconomic pressure. This development has filled the community with optimism while the top cryptocurrency is showing unparalleled price upswings.
Bitcoin Attains New ATH as Price Spikes Above $112K Mark Amid Broader Shorts Liquidations
The market data disclose that Bitcoin’s price has seen a new ATH while jumping above the $112K spot. In this respect, its performance over the past 7 days presents a staggering 5.9% increase. As a result of this, Bitcoin ($BTC) has surged to $112,300 on Wednesday while traders rushed to protect bearish bets in shorts. Hence, the $BTC short positions experienced wide-ranging liquidations in the meantime.
In addition to this, the massive rally was ignited partially by a liquidation of up to $200M in Bitcoin shorts near a notable resistance level. Market onlookers are of the view that the respective liquidation has assisted in resetting the overleveraged market members. This has created a healthier basis for the continued ascent of Bitcoin.
Ethereum Jumps above $2,700 as Market Optimism Witnesses Peak Levels
Similarly, Bitcoin’s ($BTC) upward trajectory has also helped raise the level of overall crypto market cap while also positively impacting altcoins. Particularly, Ethereum ($ETH), the top altcoin, has recorded a 3.29% over the past 24 hours. With this, it has attained the $2,779.91 in terms price of.
Keeping this in view, the new milestone of $112K in Bitcoin’s price has further reinforced its status as a safe-haven crypto asset. Along with that, its positive influence on the broader crypto sector also highlights its key role in the overall market progress. In the meantime, the market onlookers are celebrating the exclusive ATH while keeping a close eye on the further bullish momentum.
