Bitcoin (BTC) continued its ascent into price discovery, reaching a new all-time high of over $113,600 on July 10.
The move completed a two-day climb from roughly $108,950 late July 8 and eclipsed the previous July 9 peak of $112,000.
Notably, the recent price peak prompted over $50 million in liquidations in less than an hour, according to Coinglass data.
ETF demand tightens supply
Spot Bitcoin exchange-traded funds (ETFs) registered $218 million in net creations on July 9, the fifth straight positive session and enough to push cumulative inflows above $50 billion.
BlackRock’s IBIT led allocations, while secondary trading volume broadened across smaller issuers, according to SoSoValue and Farside Investors data.
Furthermore, macro conditions added to the bid. The dollar index slipped for a third consecutive session after Federal Reserve minutes signaled support for rate cuts “later this year,” and markets assessed the potential inflationary effects of new US tariff threats.
Jag Kooner, head of derivatives at Bitfinex, argued that tariff-driven price pressures “could ultimately benefit bitcoin if they weaken the dollar and lift real-asset hedges,” while the structural ETF bid cushions risk-off shocks.
Leverage reset unlocks upside
Bitcoin futures on CME and Binance traded at annualized premiums of 9% to 11%, inside the neutral zone for this cycle and far below the 35% extremes seen during March’s run-up, suggesting subdued directional bets.
Technical markers now place first support near $107,000, the 50-day moving average, and the former June range top.
At the same time, the overhead resistance is around $112,800 to $113,000, where sell orders clustered during the overnight high.
Transaction data indicate that short-term holders realized modest gains during the rally. Bitcoin’s July 10 high and a July 9 closing print above $111,000 left the MVRV Z-Score near 2.4.
This level is well below the euphoria threshold of 7 used in past cycles.
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