Bitcoin has extended its bullish run, surging past the previous record of $112,000 to a new high of $113,787 (and climbing). The latest leg higher is being fueled in part by Trump’s call for a historic Fed rate cut, which has reignited interest across risk assets, including crypto. The rally is also being supported by short covering, as bears are forced to exit positions amid accelerating upward momentum.
The broader crypto market is riding the wave as well, with Ethereum pushing above $2,800 and Dogecoin climbing more than 5.5% over the past 24 hours.
From a technical standpoint, Bitcoin’s breakout began yesterday after it cleared the key swing area between $110,400 and $110,544—a zone that had capped gains earlier. Price action then surged to $112,000, aligning with the high from May 22. After a modest pullback earlier today, dip buyers stepped in just ahead of the $110,544 area, confirming it as a key near-term support level.
The break back above $112,000 triggered stop runs and additional short covering, powering BTC to fresh intraday highs
