Bitcoin Hits New High, Crosses $112K: What's Driving the Surge

Bitcoin has surpassed $112,000 to set a new all-time high, a new milestone for the largest cryptocurrency. The broader market remained mostly stable, with most major altcoins maintaining their levels without significant swings.

Bloomberg data indicates that Bitcoin reached a record high of approximately $112,000 at that time. The previous peak was recorded in late May, and the cryptocurrency has now gained nearly 19 per cent since this year. At the time of writing an article, Bitcoin was trading at $111,384, up 2.39 per cent in the last 24 hours, with a trading volume of $60.88 billion, according to CoinMarketCap.

The prices of other significant cryptocurrencies were rising as well. Ethereum (ETH) hovered above $2,700 which indicates overall stability in the cryptocurrency market while Solana prices maintained around $158.

What's Driving Bitcoin's New High

Bitcoin's recent surge has been driven by a mix of market momentum, institutional interest, and supportive macroeconomic cues, says experts.

Edul Patel, Co-founder and CEO of Mudrex, said, "Bitcoin surged to a new all-time high above $112,000, breaking out of its consolidation zone and surpassing key resistance levels. The rise came after the Fed's June minutes indicated support for at least one rate decrease in 2025, which fueled risk-on sentiment. With Bitcoin trading above $111,300, it may enter price discovery if this momentum continues."

CoinDCX co-founder Sumit Gupta adds to this viewpoint by highlighting the essential elements that contributed to Bitcoin's record high.

Sumit Gupta say, "Bitcoin's recent all-time high is primarily driven by strong institutional adoption through the launch of spot ETFs, which have unlocked significant capital. The 2024 halving slowed the rate of new Bitcoin supply, resulting in a supply-demand imbalance that drives price increase. Additionally, macroeconomic factors such as expectations of interest rate cuts and a weaker U.S. dollar have increased Bitcoin's appeal as a hedge against financial uncertainty,"

Can Bitcoin Maintain Its Momentum

With Bitcoin stabilising after its record high, attention has shifted to whether it can build on current momentum or face a temporary pause.

Sharing his view on Bitcoin's future trajectory, Sumit said: "The rally is supported by strong fundamentals like sustained ETF inflows, institutional adoption, and reduced supply post-halving. On-chain data shows long-term holders accumulating, suggesting growing conviction. Another all-time high within this cycle wouldn't be surprising."

Commenting on the price outlook, Unocoin said, "Bitcoin is consolidating between $108,000 and $112,000. A breakout above $112K could open the path toward $115K–$120K, while failure to hold $108K may lead to short-term pullbacks. Despite near-term exhaustion, the broader trend remains bullish, with long-term upside supported by limited supply and growing demand."