Bitcoin surged to a new all-time high above $112,000 this week, fueled by strong global appetite for risk assets and the liquidation of $200 million in BTC short positions near key resistance levels. The price rally—marking a 5.95% weekly gain—comes in the wake of U.S. President Trump’s announcement of sweeping new tariffs, including a 40% hike on imports from Malaysia, South Africa, and others, effective August 1. Amid this macroeconomic uncertainty, investors appear to be rotating into Bitcoin as a hedge, with exchange reserves dropping to just 2.99 million BTC—signaling strong accumulation and reduced selling pressure.
BTC-USDT Daily Chart:
BTC witnessed a correction of 12.25% from $111,980 to $98,200. The asset did not give a daily close below the key support of $100,000 and resumed the up move. Yesterday, BTC tested its all-time high but the bulls struggled to give a breakout. To rally further, the asset needs to give a weekly close above $111,980.
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