Key Points:Bitcoin surged past $112,000 on Wednesday, July 9, setting a new record high.Over $200 million in BTC shorts were liquidated as prices broke key resistance.Market momentum appears to be driven by spot demand and institutional accumulation.Bitcoin continues to gain recognition as a safe-haven asset amid rising global tariff risks.Bitcoin reached a new all-time high above $112,000 on Wednesday, July 9, as renewed investor demand and a wave of short liquidations helped propel prices higher. The move came as more than $200 million in BTC short positions were liquidated, largely near a major resistance level.According to CoinMarketCap, Bitcoin’s price climbed nearly 6% over the past seven days, with the broader crypto market capitalization recovering to $3.47 trillion — levels last seen in June 2025. However, the market is still below its previous record of $3.73 trillion set in December 2024.The rally followed U.S. President Trump’s recent announcement of new tariffs — up to 40% on imports from Malaysia, Kazakhstan, South Africa, Myanmar, and Laos. Japan’s tariff rate was also increased to 25%, with implementation scheduled for August 1.Analysts Point to Strong Spot DemandAnalysts at Bitfinex said the latest price surge reflects structural strength in the market:“This rally has been built on solid ground, supported by real capital flows rather than short-lived speculative leverage.”They noted that the market is seeing a reset of over-leveraged participants, setting a healthier foundation for further upside — provided that spot buying pressure continues.Safe-Haven Status and Exchange OutflowsSygnum Bank research head Katalin Tischhauser pointed out that Bitcoin’s performance since early April increasingly resembles that of a safe-haven asset, especially in light of macro uncertainty.“Bitcoin has been outperforming and decoupling from risk assets like the S&P 500 on down days,” she said.Glassnode data confirms that Bitcoin exchange reserves have declined sharply, with holdings across all platforms dropping from 3.11 million BTC in March to 2.99 million BTC in May. This trend suggests continued long-term accumulation, which could contribute to a supply shock if demand intensifies, according to Cointelegraph.
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