Bitcoin is ‘coiled like a spring’ with upside to $170k after new all-time high

Key Points

1. Bitcoin (BTC) reached a new all-time high of $112,000, trading at $111,190 with a 1.91% daily increase and $62.3 billion in 24-hour volume.

2. The breakout triggered over $200 million in short liquidations and marked a key technical milestone, with analysts like Rich Ross predicting potential upside targets of $140,000 to $170,000.

3. Bullish momentum was partly sparked by geopolitical events, including U.S. President Donald Trump’s announcement of new tariffs.

4. Bitcoin’s price accelerated after breaking above the $106,500 resistance level, with liquidity clusters between $105,000 and $106,500 cleared, and the next upward momentum depending on maintaining support above that zone.

5. Bitcoin is up nearly 90% year-over-year, though the overall crypto market cap remains below its previous peak of $3.73 trillion set in December 2024.