Bitcoin price continues its upward momentum and has broken another all-time high price record.
Bitcoin (BTC) has broken the $125,000 barrier, reaching a new all-time high in 17 years. According to CoinMarketCap data, the price rose to $125,559.21, with a trading volume of approximately $50 billion recorded in the last 24 hours.
During the price surge, nearly $100 million worth of short positions were liquidated in just one hour as bullish investors piled on the buying pressure. According to CoinGlass data, more than $200 million worth of Bitcoin short positions were forced into buying in the past 24 hours.
Analysts say favorable macroeconomic conditions and growing institutional investor interest have played a decisive role in Bitcoin’s strong performance this year. While the market showed signs of a brief lull at the beginning of the week, experts predict that Bitcoin demand will continue to rise.
“The overall outlook remains bullish,” Joe DiPasquale, CEO of crypto asset management firm BitBull Capital, said in a statement. “The extended government shutdown in the US is supporting investors’ turn to Bitcoin as an alternative store of value.”
