Bitcoin Breaks New Record at $111K, What’s Fueling the $120K Price Target? – Crypto News – Crypto News
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Bitcoin Breaks New Record at $111K, What’s Fueling the $120K Price Target? – Crypto News

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3 weeks ago

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Summary:

  • Bitcoin Price Hits Fresh Record High at $111,431 as Bulls Seize Momentum…

After weeks of trading in a tight consolidation range, BTC/USD has blasted past the psychological $110,000 mark, clocking a new all-time high of $111,431.91 early Thursday. The move confirms yesterday’s rally wasn’t a fluke, it was the ignition of a fresh leg up in what’s becoming a textbook parabolic run.

Rate Cut Rumors Fuel Risk Rally

Momentum picked up sharply following comments from US President Trump, who publicly pressed the Federal Reserve to slash rates by as much as 300 basis points. Traders are now pricing in a policy pivot that could flood the market with liquidity, a perfect storm for high-beta assets like Bitcoin.

Macro traders call this “the setup of the cycle.” Inflation is cooling, rates may fall, and institutions are already long crypto. It’s a risk-on environment, and Bitcoin is leading the charge.

Bitcoin Price Analysis

  • Current Price: $111,431.91
  • New All-Time High: Surpassed May peak ($112,000 on some exchanges)
  • MACD: Bullish with widening histogram, upside momentum accelerating
  • Resistance: $112,000 (psychological barrier), then $115,500
  • Support Zones: $110,000, then $107,800

The breakout above $110K has flipped the entire market structure. What was once resistance is now critical support. Bulls are defending every dip, and the MACD is confirming strength with rising histogram bars and a bullish crossover still intact.

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Market Impact and Liquidations

As price surged, overleveraged short positions were flushed. Data shows more than $500 million in liquidations over the past 24 hours, with the largest single loss topping $51 million on HTX. Over 100,000 traders were wrecked, a typical hallmark of trend continuation, not exhaustion.

ETH also joined the rally, pushing toward $2,850, while altcoins like SOL and DOGE posted double-digit gains. This isn’t just a BTC move, it’s a full-blown market-wide squeeze.

What’s Next for Bitcoin?

With fresh highs confirmed, BTC could be eyeing the $115,000–$120,000 zone next. That range lines up with Fib extensions and volume gaps left behind during the April selloff. The only real threat to this rally is a macro curveball, but for now, momentum, headlines, and technicals all support continuation.

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