Bitcoin surges past $113,700 to new all-time highs amid macro optimism and Trump’s rate cut calls. Massive short liquidations of $579M signal strong bullish momentum as price discovery continues toward $120,000 target.
By Ibrahim Ajibade
Editor Marco T. Lanz
Updated
3 mins read
Bitcoin BTC $115 951 24h volatility: 4.2% Market cap: $2.31 T Vol. 24h: $56.12 B price entered another major upswing on Thursday, July 10, amid a mix of macro optimism and speculative momentum. With US President Trump renewing calls for rate cuts, BTC price swung past the $113,700 mark to set new all time highs.
Donald J. Trump Truth Social 07.10.25 10:28 AM EST pic.twitter.com/YJikaFW705
— Commentary Donald J. Trump Posts From Truth Social (@TrumpDailyPosts) July 10, 2025
A closer look at the derivatives markets shows the rally caught many traders unawares. As BTC price touched $113,000, liquidations surged, wiping out $652.7 million in 24 hours. Of this, short position losses of $579.27 million made up more than 88%, according to Coinglass’ liquidation data, reflecting aggressive trading among bulls.
Crypto market liquidation, July 10, 2025 | Source: Coinglass
Former Binance CEO Changpeng Zhao (CZ) broke his silence during Bitcoin’s surge, posting a cryptic yet pointed message on X.
Hope you bought the dip. https://t.co/P13m3r5eee
— CZ 🔶 BNB (@cz_binance) July 9, 2025
Despite recent legal battles and regulatory scrutiny, Zhao remains a key opinion leader within the global crypto community.
The quote has since gained over 970,000 views in less than 24 hours, with many interpreting CZ’s message as an endorsement of Bitcoin’s long-term growth potential amid volatile market cycles.
With Bitcoin now firmly in price discovery, short-term volatility is expected. If bulls hold the $110K level as support, the next psychological target lies around $120,000, driven by derivatives momentum and ETF inflows.
Large sized liquidations such as the $578 million short positions wiped out in the last 24 hours often clear the path for upward price movement. However, it could also set the stage for rapid correction risks if a large number of BTC traders opt to book early profits or rotate towards altcoins.
Bitcoin price is hovering above the $113,300 level on July 10, capping a two-day 6.1% rally. The breakout above $112,849, the upper Bollinger Band, signals strong momentum and hints that a bullish continuation is likely.
More so, the MACD indicator flipped bullish earlier this week. The MACD line (1,433) is well above the signal line (960), showing accelerating buying pressure. Histogram bars are expanding, further validating the bullish crossover.
Bitcoin price forecast | Source: TradingView
BTC also holds well above the 20-day Simple Moving Average (SMA) at $107,494, and the middle Bollinger Band is trending upward. This technical alignment supports continued price discovery if bulls defend support above $110,500.
If buyers maintain control, the next major psychological target is $120,000, followed by a longer-term push toward $135,000. On the downside, a close back below $110,000 could trigger short-term profit-taking, with the next major support clusters at $107,000 and $102,000.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Ibrahim Ajibade is a seasoned research analyst with a background in supporting various Web3 startups and financial organizations. He earned his undergraduate degree in Economics and is currently studying for a Master’s in Blockchain and Distributed Ledger Technologies at the University of Malta.
