Bitcoin Soars Past $117K, $1.14B in Liquidations Shake Crypto Market

📌 Key Takeaways

• 💥 Bitcoin surges past $117,250, up 24% YTD
• 💸 $1.14B in leveraged crypto positions liquidated in 24 hours
• 📉 Short traders account for $1.02B of total liquidations
• 🏦 Bitcoin ETFs have purchased $15B since mid-April
• 🏛️ Trump’s pro-crypto policies strengthen bullish momentum
• 🔮 Analysts eye $130K–$133K as the next major price target

📊 Crypto Liquidation Breakdown – Past 24 Hours

💥 Bitcoin Explodes Past $117K on Institutional Demand and Trump Tailwinds

Bitcoin (BTC) hit a new all-time high of $117,250 on Friday, fueled by accelerating ETF inflows, institutional demand, and renewed optimism from pro-crypto Trump policies.

The breakout shocked many traders, triggering $1.14 billion in liquidations—the largest in recent years. Of that total, a massive $1.02 billion came from short positions, suggesting that bears were caught off guard by the sudden upward momentum.

According to 10X Research, the price action confirms a bullish structural shift. In a note to clients, the firm reported a short-term breakout signal, which historically precedes median gains of 20%, putting $133,000 in view as a potential target by September.

Read More: Trump Family-Backed American Bitcoin Raises $220M

🧨 ETF Demand and Trump’s Pro-Crypto Moves Push Market Higher

Bitcoin’s rally is also being driven by continued strength in ETF buying. Analysts note that since mid-April, Bitcoin ETFs have absorbed over $15 billion in BTC, significantly reducing market supply and supporting higher prices.

Adding to the bullish backdrop are favorable political developments:

• 🇺🇸 Trump’s executive order in March established a national crypto reserve.
• 🏛️ Pro-crypto figures like Paul Atkins and David Sacks have taken key regulatory positions.
• 💼 Trump Media & Technology Group filed to launch a multi-token crypto ETF.

These moves have sparked fresh institutional interest and provided a regulatory green light that had been missing from previous crypto bull runs.

📉 Volatility Ignites Massive Liquidations

The surge in Bitcoin’s price didn’t come without casualties. According to CoinGlass, $1.14B in leveraged positions were wiped out, the majority from over-leveraged short traders.

Bitcoin alone accounted for $599M in liquidations, followed by Ethereum at $243M, with losses also seen in Solana, Hyperliquid, and XRP.

This liquidation wave indicates a strong reversal in market sentiment, with traders scrambling to reposition themselves in a fast-moving bull trend.

🔍 What’s Next for Bitcoin?

Analysts say the next key resistance lies near $130,000, with a breakout above that level potentially opening the door to $133,000 or higher in Q3.

But the market remains sensitive to macro triggers. All eyes are now on:

• 🧾 U.S. CPI data next week
• 🇺🇸 The start of Crypto Week in Washington, where fresh regulatory signals could emerge

According to crypto strategist Markus Thielen,

“Bitcoin may be transitioning into a higher trading range. The combination of ETF buying, regulatory support, and institutional demand makes this rally fundamentally stronger than previous ones.”

💬 Final Thoughts

This could mark the start of a new crypto bull market phase but as always, volatility remains high, and sentiment can turn quickly. Traders should keep a close eye on macro data and policy updates for further direction.

📢 What’s your BTC price target this summer? Share your thoughts below and follow us for more high-impact crypto coverage.

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