Price Analysis View Non-AMP

Bitcoin Price Sets New ATH of Above $113.7k on July 10: Is Crypto Parabolic Rally Next?

Published by
Steve Muchoki

After rallying above May’s all-time high of about $118k on Wednesday, Bitcoin (BTC) price has rallied to a new all-time high of above $113,700 on Thursday, during the mid-North American session. The flagship coin is now in price discovery mode, which could lead to more bullish momentum in the coming days and possibly weeks.

Bitcoin’s daily average trading volume surged over 50 percent in the past 24 hours to hover about $66 billion. As a result of the heightened volatility, more than $325 million was liquidated from BTC’s leveraged positions in the past 24 hours. 

Top Reasons Why Bitcoin Price Surged Today

The Bitcoin price pump above $113k, for the first time its inception, on Thursday is a culmination of several factors. At the top list is the unwavering support from institutional investors led by the U.S. spot BTC ETFs and corporations such as Strategy and Metaplanet. 

BlackRock’s IBIT has led in daily net cash inflows, whereby the ETF registered an inflow of about $125 million on Wednesday. 

Bitcoin price has experienced bullish activity in the recent past fueled by rising global money supply (M2). The M2 is expected to grow exponentially in the near future, especially after the United States recently approved the One Big Beautiful Bill Act, which is estimated to increase the federal deficit by $3.3 trillion in the coming years. 

The notable BTC price upsurge is also fueled by the rising futures and Open Interest (OI) market. According to market data from Coinglass, Bitcoin OI surged around 10 percent in the past 24 hours to hover about $80 billion at the time of this writing.

What Next?

Following Today’s BTC price pump, the wider altcoin market rallied in tandem. Ethereum (ETH) price surged over 2 percent today to trade around $2,830 at the time of this writing.

As a result, Bitcoin’s dominance declined to 64.7 percent, suggesting more investors are betting on an altseason.

From a technical analysis standpoint, crypto analyst alias CryptoBoss thinks the parabolic phase of the altcoin market has started and is likely to last through the end of the year.

Steve Muchoki

Steve is a crypto news writer with a passion for decoding market moves. He blends breaking blockchain news with sharp technical analysis and bold price predictions. From Bitcoin rallies to altcoin breakouts, Steve breaks it all down with clarity and insight. Whether you're a trader or just curious, his analysis keeps you ahead of the curve.

Recent Posts

Solana Sees 370% Jump in Open Interest: Can SOL Price Rebound?

Solana (SOL) saw a massive jump in open interest during July, rising by over 370%,…

August 2, 2025

Cardano’s Long/Short Ratio Slips — Is a Drop Below $0.70 for ADA on the Horizon?

Cardano (ADA) is showing signs of weakness as its long/short ratio drops, signaling a surge…

August 1, 2025

Ripple (XRP) $5 Price Prediction Falls Short as New Disruptor is set to Tenfold Analysts Forecasts

With XRP struggling to hold key support and whales quietly loading up, all eyes are…

August 1, 2025

Breaking Presale Investment: Ozak AI Could Flip $500 Into $50K by Next Bull Market

Ozak AI is catching serious attention as it pushes deeper into its 4th presale stage.…

August 1, 2025

Michael Saylor Reveals Strategy’s $100 Billion Bitcoin Plan

Michael Saylor is doubling down on Bitcoin again. In a recent CNBC interview, he hinted…

August 1, 2025

ChatGPT Predicts the Next Coin That Could Make Millionaires Like Shiba Inu and Pepe Coin

Early investors in Shiba Inu and Pepe Coin saw life-changing returns. Now, ChatGPT and other…

August 1, 2025