Bitcoin Surges Past $116,000 Tipping Point

Bitcoin has decisively breached the $116,000 threshold for the first time ever, adding to a streak of record-breaking price movements over the past two days and triggering significant losses for short sellers.

Bitcoin’s current price stands at $116,734 according to Coinbase data. It climbed 4.8% over the last 24 hours after a period of consolidation below its previous record of just under $112,000.

CoinGlass data highlights the impact on short positions. More than $560 million worth of cryptocurrency positions, predominantly short Bitcoin, have been liquidated in the last hour. Cumulative liquidations over the past 24 hours exceed $912 million, with $542 million attributed to Bitcoin shorts.

Meanwhile, several other major cryptocurrencies rose today. Ethereum saw gains of nearly 8%, Dogecoin increased by 6%, and XRP climbed 5.5%.

Despite recent volatility, analysts at BitBull Capital express bullish sentiment. CEO Joe DiPasquale stated, “We are likely headed even higher,” adding that the Bitcoin rally is fueled by robust ETF inflows, institutional interest, and a prevailing risk-on market expectation as the Federal Reserve considers potential rate cuts.