Bitcoin Soars to Record $116K Amid Bullish Momentum and Institutional Optimism

Bitcoin (BTC) surged to a new all-time high of $116,221 on Thursday, smashing past the previous $113,800 record. The flagship cryptocurrency has nearly doubled over the past year, rising from $57,899, fueled by growing institutional adoption, favorable macro trends, and renewed investor optimism.

Data from CoinGlass shows over $950 million in leveraged short positions were liquidated on Thursday—marking the year’s largest single-day liquidation. Market experts are eyeing the $120,000 level as the next major milestone, with prediction market Kalshi pricing in a potential $141K BTC target by year-end.

Michael Saylor’s MicroStrategy now holds 597,325 BTC—valued at over $69 billion—cementing its position as the top public bitcoin treasury. Analysts note that institutional treasury accumulation is accelerating globally, contributing to the rally’s momentum. Optimism is also bolstered by President Trump’s pro-crypto stance and the upcoming "Crypto Week" in Washington, D.C.

Derivatives data indicates a “negative dealer gamma” between $112K and $120K, meaning market makers may need to buy BTC as prices rise, further fueling upside volatility. However, caution is advised: technical signals such as bearish RSI divergence and declining trading volumes hint at potential exhaustion.

Still, many believe this bull cycle differs from 2021. Back then, rallies were driven by leverage and retail hype. Today’s run shows signs of strong institutional support, macro-driven demand, and treasury buyers leading the charge. While some crypto-linked stocks like Coinbase and Robinhood saw notable gains, Circle (CRCL) rose modestly by just 0.4%.

Despite concerns over dollar devaluation versus actual BTC strength, the market sentiment remains firmly bullish. Bitcoin’s trajectory to $120K may be closer than expected, especially if rate cut speculation and crypto-friendly policies continue to dominate headlines.