Bitcoin’s Ballet: $111K Leap and a Wink at Records 🕺

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What to know:

  • Bitcoin, the digital darling, pirouetted to $111,400, a mere whisper away from its May record of $112,000, in a broader crypto waltz.
  • Ethereum‘s ETH, not to be outdone, leapt 6% to $2,760, its highest pirouette in almost a month.
  • The recent hush-hush buildup, akin to a ballerina’s quiet preparation, could foreshadow the next grand jeté, according to Bytetree’s Charlie Morris.

Bitcoin, the enigmatic maestro of the crypto orchestra, broke out of its recent very tight trading range during U.S. Wednesday afternoon hours, threatening to topple its May record of $112,000. The largest crypto briefly notched new record prices on some exchanges including Binance, Coinbase, and Bitstamp, before retreating towards $111,000, as if to say, “Not yet, my dear, not yet.” 🕵️‍♂️

The move came amid a broader crypto rally that also saw Ethereum’s ether surge 6% to $2,760, its highest level in a month. Bitcoin itself was ahead 2.4% at $111,400 at press time, a performance that would make even the most stoic of investors crack a smile. 😄

During today’s swift move higher, some $440 million in leveraged trading positions were liquidated across all crypto derivatives, predominantly shorts who had the audacity to anticipate a downturn. 🤦‍♂️

For BTC, the area around the $110,000 level has been a significant barrier over the past weeks, with investors taking profits and shorts piling each time the price neared that level, like a cat eyeing a mouse hole. 🐱

Checking crypto-related stocks, Strategy (MSTR) is higher by 4.4% and at $414, only a few dollars shy of its highest level of 2025 (though still well below its record high set late last year of $543). Coinbase (COIN) is ahead 5%. Bitcoin miners MARA Holdings (MARA) and Riot Platforms (RIOT) are up roughly 6%, a performance that would make even the most skeptical of analysts do a double-take. 🤯

Still, market watchers noted that the slow, quiet buildup could be a bullish setup, a prelude to a grand finale.

“Crypto feels so quiet, [while] bitcoin is ready to move,” wrote Charlie Morris, chief investment officer at ByteTree, in a report, as if he were a conductor about to raise his baton.

Morris pointed out that bitcoin’s volatility has steadily declined, a pattern that historically preceded large upward moves, much like the calm before a storm. 🌪️

“The setup for the next one is looking good,” he said. “As I keep on saying, the quiet bulls are the best.” A sentiment that would make even the most stoic of bulls nod in agreement. 🐂

Joel Kruger, market strategist at LMAX Group, pointed to ether’s strength above key technical support levels and growing demand from long-only institutions betting on its future role in settlement infrastructure and asset tokenization, a move that could redefine the crypto landscape. 🌐

That view was echoed by digital asset manager Bitwise’s analysts, who named ETH as one of the “cleanest” token plays to bet on the red-hot tokenization trend, The Block reported, a trend that could very well be the next big thing in the crypto world. 🚀

UPDATE (July 9, 20:30 UTC): Adds more details throughout the story.

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2025-07-09 23:55