Record galore! Bitcoin hits fresh high, surpasses $112k mark; what's next?

Bitcoin (BTC) was in high demand as the flagship currency surged past the $112,000 mark following the release of the US Federal Reserve’s June FOMC minutes. The minutes indicated that most policymakers anticipate at least one interest rate cut in 2025, which analysts said renewed investor interest and optimism across risk assets. 

The flagship cryptocurrency touched a fresh high of $112,009, gaining nearly 14 per cent from its June 22 low of around $98,000, according to Bloomberg data. The rally in Bitcoin was mirrored across broader markets. Ethereum (ETH) rose over 7 per cent, while Solana (SOL) gained 5 per cent, reflecting a wider risk-on sentiment in both traditional and digital asset classes. 

 

Last check, Bitcoin was trading at $111,002.80, higher by 2.24 per cent on Binance. The cryptocurrency recorded a 24-hour trading volume of $60.10 billion. Circulating supply stood at 19.89 million BTC, representing approximately 94.72 per cent of the total capped supply currently available in the market.

 

Bitcoin has fluctuated between $108,518.61 and $111,925.38 in the last 24 hours on Binance. Its market capitalisation reached $2,207.86 billion, cementing its position as the world’s largest cryptocurrency by market value.

Experts weigh in

Edul Patel, Co-founder and CEO of Mudrex, attributes Bitcoin's rally to the release of the Fed’s June FOMC minutes, where most policymakers signaled support for at least one rate cut in 2025, leading to a risk-on sentiment in the market. Meanwhile, as US debt hit a new all-time high, the dollar index (DXY) dropped to its weakest level in 21 years compared to its 200-day moving average, which Patel believes is making Bitcoin more appealing to investors.

 

"Currently trading above $111,300, Bitcoin could enter price discovery if the momentum continues. Investors will now focus on the upcoming CPI report on July 11 and the Fed’s rate-cut decision later this month, both critical in shaping the macro outlook for crypto," said Patel.

 

Pankaj Balani, CEO & Co-Founder of Delta Exchange, on the other hand, attributed Bitcoin’s rally to spot ETF inflows and institutional participation. Balani too believes that the US Fed minutes signaling rate cut expectations in 2025 continue to support sentiment.  The breakout candle is large and impulsive, indicating strong buying. "If BTC holds above the previous resistance turned support at $109,000, the uptrend remains intact, with targets between $113,500 and $115,000. A retest of support is possible, but the structure favors further upside," said Balani.

 

Over $1 billion has flowed into US spot Bitcoin ETFs since late June. BlackRock’s IBIT has accumulated over 700,000 BTC, representing 3.33 per cent of Bitcoin’s total supply. "Companies are steadily adding Bitcoin to their balance sheets, following the path set by MicroStrategy, signaling deeper corporate alignment with crypto," said Balani.

 

In the past 24 hours, nearly $500 million was liquidated from the crypto market, wherein $436 million included shorts and only $61 million longs, according to the CoinDCX Research Team. On the other hand, Ripple’s stablecoin has surpassed $500 million in circulation. Meanwhile, the ETF inflows were also positive for both Bitcoin and Ethereum, which analysts believe hint at growing optimism among market participants.