Core Insights - Bitcoin's value first surpassed $110,000 on May 22, reaching a peak of $111,900, followed by a consolidation phase where it dipped to around $98,000 [3] - In July, Bitcoin's price began a gradual upward trend, with significant short positions in the futures market, indicating potential for a squeeze [3] - The recent price surge to a new high of $112,000 is attributed to institutional buying, improved market risk appetite, and favorable regulatory developments, including the GENIUS Act [3] Technical Analysis - From March to May, Bitcoin experienced a consolidation phase between $92,000 and $98,000, forming an "ascending triangle" pattern [4] - A breakout occurred on May 8, confirming bullish momentum, followed by a rapid price increase due to passive buying and stop-loss triggers [4] - The period from mid-June to early July saw Bitcoin consolidate between $108,000 and $111,000 before breaking above $112,000 due to macroeconomic positive stimuli [4] Future Outlook - Industry experts suggest that the current high price may not immediately lead to a market top, as such formations typically require extended periods of adjustment [4] - Investors are advised to remain patient while being cautious of potential market volatility that could impact prices [4]