Bitcoin blasts past $113,700 amid Trump's rate cut calls, triggering massive liquidations and CZ's cryptic tweet. Is $120K next?

Bitcoin is back, baby! The OG crypto just smashed through another all-time high (ATH), and the buzz is hotter than a New York summer. Fueling the frenzy? A potent mix of macro optimism, speculative momentum, and, of course, a dash of Trump.

Trump's Rate Cut Chorus Drives Bitcoin's Ascent

Word on the street (and on Truth Social) is that former President Trump is once again pushing for rate cuts. While the Fed ultimately makes those decisions, the mere suggestion is enough to send shivers down the spines of traditional finance folks and rocket fuel into the crypto market. On July 10, Bitcoin price swung past the $113,700 mark to set new all time highs.

Why? Lower rates often mean a weaker dollar, making alternative assets like Bitcoin look mighty appealing. Plus, it's just more money sloshing around, some of which inevitably finds its way into the crypto sphere.

Liquidation Mania: Bulls Wipe Out the Shorts

This rally wasn't just a gentle climb; it was a full-on assault. As Bitcoin pierced $113,000, liquidations went ballistic. A staggering $652.7 million vanished in just 24 hours, with short positions taking the brunt of the pain. Over $579 million in shorts got rekt. Ouch. That kind of carnage clears the path for further upward movement, but it also makes the market vulnerable to a quick correction.

CZ Speaks! The Oracle of Crypto Weighs In

Even Changpeng Zhao (CZ), the former Binance CEO, couldn't resist chiming in. Despite his recent legal battles, CZ remains a major influencer. His cryptic tweet, "Hope you bought the dip," sent the crypto-Twitterverse into a frenzy, viewed nearly a million times. Most interpreted it as a vote of confidence in Bitcoin's long-term potential. Smart money, or just good timing? You decide.

What's Next for Bitcoin? $120K in Sight?

So, where do we go from here? Analysts are eyeing $120,000 as the next major target. Technical indicators are flashing green, with Bitcoin comfortably above key moving averages and the MACD signaling strong buying pressure. If the bulls can hold the $110K line as support, a push towards $135,000 isn't out of the question. ETF inflows are definitely helping.

Altcoin Alert: Will They Join the Party?

Bitcoin's dominance is at multi-year highs, but what about the altcoins? While Bitcoin's been hogging the spotlight, some analysts believe altcoins are quietly positioning for a late-summer surge. However, be warned: altcoins are far more sensitive to macroeconomic shocks. A hawkish Fed or geopolitical jitters could send Bitcoin soaring while crushing the altcoin market.

The Bottom Line

Bitcoin's recent surge is a wild ride fueled by a cocktail of factors, from Trump's rate cut whispers to massive short liquidations and a dash of CZ wisdom. Whether it's a sustainable rally or a fleeting moment of euphoria remains to be seen. But one thing's for sure: the crypto market never sleeps, and there's always another opportunity around the corner. So buckle up, New York, because things are about to get interesting!

News data source: kdj.com

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