Bitcoin (BTC)
price has soared past $112,000 for the first time, setting a fresh all-time
high (ATH) this week, while Ethereum (ETH) jumped 7% to $2,790 and major
altcoins posted significant gains.

This
comprehensive analysis examines the key factors driving the current crypto
price surge across Bitcoin, Ethereum , XRP, and Dogecoin (DOGE) markets. I am
answering the question why is crypto going up today and checking what technical
analysis tells about the BTC/USDT, ETH/USDT, XRP/USDT and DOGE/USDT charts.

Bitcoin Price Surge to
Record Territory

Bitcoin
price action has been particularly impressive, with the cryptocurrency
breaking through the $110,000 resistance level that had capped gains for weeks.
On Thursday, Bitcoin’s price experienced a slight correction, dropping by 0.3%
to $110,969.

The chart
above indicates that despite reaching a new all-time high, technically nothing
significant has changed. Only a breakout above $112,000 would pave the way for
a further upward move. Currently, however, the price could equally correct more
sharply and return to the psychological level of $100,000, marking the boundary
of the current consolidation.

Paul Howard
from Wincent also provides technical insight into the breakthrough: “The
move in BTC prices +2.2% the last 24 hours is not particularly noteworthy in
itself, but made interesting because it sets a new ATH for the asset. This was
led by some ETF purchasing overnight and with the low volatility environment
the last 2 months finally breaching $110k.”

Howard
expects Bitcoin to continue trading around the $110k level +/-2% for
the short term, based on options market positioning. The breakthrough came
after Bitcoin’s volatility declined significantly, a pattern that historically
precedes major upward moves.

Ethereum Rally Leads
Altcoin Performance

Looking at
the chart and Ethereum’s recent performance, we can see that on Wednesday the
price rose by nearly 6%, closing the day at $2,589. On Thursday, it set an
intraday high of $2,823, testing the highest levels in over a month. At the
time of writing, Ethereum is up 0.6%, trading at $2,786.

From a
technical analysis standpoint, Ethereum, much like Bitcoin, remains in a
consolidation phase. The upper boundary of this range is defined by local highs
from May and June, while the lower boundary corresponds to temporary lows from
February, retested in the second half of last month below the $2,200 level.
Also technically significant is the $2,400 mark, which has served as local
support in recent weeks.

Ethereum
price has emerged as a standout performer, with Howard noting the “6%
pump on ETH and alts” as particularly significant. The Ethereum rally reflects
a broader shift as “alts look set to catch the tail wind from ETH’s
ascension as the newest treasury play.”

The surge
was amplified by forced liquidations as “long term leveraged ETH shorts
were wiped out overnight forcing liquidations and a sudden pop,” creating
a cascade effect that Howard believes looks sustainable given broader market
conditions.

Digital
asset manager Bitwise’s analysts identified ETH as one of the
“cleanest” token plays for the tokenization trend, while long-only
institutions are betting on Ethereum’s future role in asset tokenization.

You may also like: Ethereum (ETH) Price Prediction: Why the Ethereum Price Is Going Up and Where the ETH Price Is Set to Go

XRP Price Momentum Builds

According
to my technical analysis, XRP is currently rising for the third consecutive
session, testing its highest levels since May 23. On Thursday, July 10, 2025,
the intraday high reached $2.458, while at the time of writing, the price is up
1.6%, trading at $2.44.

From the
perspective of my technical analysis, a key development occurred as XRP broke
through the downward trendline drawn from the beginning of 2025. This breakout
opens the way for a potential retest and breakout of the local highs from May,
between $2.60 and $2.67. Only then would I see a stronger case for bullish
momentum, possibly pushing the price toward the $3.40 level, last tested over
six months ago.

XRP price has
gained significant traction, trading with weekly gains exceeding 7%. The XRP
surge reflects broader altcoin outperformance, as the rally extends beyond
Bitcoin to encompass major alternative cryptocurrencies benefiting from the
Ethereum-led momentum.

Dogecoin Price Action
Shows Technical Strength

Dogecoin’s
price surged strongly during Wednesday’s session, gaining nearly 6% and testing
monthly highs. However, on Thursday, the meme cryptocurrency lost momentum and
is currently up just under 0.5%, trading slightly above 18 cents.

Among the
cryptocurrencies analyzed in this article, Dogecoin is currently performing the
weakest, still moving close to its recent multi-month lows. That said, it has
rebounded by around 30% from last month’s bottom and is once again approaching
its psychological resistance level around 20 cents. A breakout above this
threshold would signal a move into a higher trading range, with the upper
boundary near 25 cents—May’s peak, which, for now, I consider a medium-term
target for Dogecoin.

Dogecoin
price demonstrated explosive movement with a 6% surge during recent
trading sessions. Technical analysis reveals DOGE is forming potential bullish
patterns, with institutional whale accumulation supporting continued upside
momentum.

Related: Why Dogecoin Price Is Surging? Breaking News and Price Predictions for July 2025

Why Crypto Is Surging? Political
Pressure Drives $15 Billion Bitcoin ETF Surge

The primary
catalyst behind why crypto is rising stems from unprecedented
political pressure on the Federal Reserve. Donald Trump’s aggressive campaign
demanding Fed Chair Jerome Powell cut rates to 1% and resign has triggered
massive institutional flows into Bitcoin ETFs.

“The
sharp surge in Bitcoin ETF inflows since late April 2025 has been primarily
driven by political pressure on the Federal Reserve, with Donald Trump openly
demanding that Chair Jerome Powell cut rates to 1% and resign,” explains
Markus Thielen, founder of 10x Research.

Since
mid-April, Bitcoin ETFs have accumulated $15 billion worth of Bitcoin,
creating relentless buying pressure that’s forcing previously hesitant traders
back into the market. This institutional demand has remained consistent even
during Bitcoin’s consolidation phases, demonstrating the strength of underlying
fundamentals driving the crypto market rally.

Industry Leaders Confirm
Institutional Maturity

The
breakthrough to new highs has drawn significant commentary from industry
leaders who see this moment as a structural shift rather than mere
speculation. Nick Jones, Founder and CEO of Zumo, emphasizes the fundamental
change occurring in the market landscape.

“With
Bitcoin surging past $112,000 for the first time to set a fresh record high,
the market is booming. The rise is underpinned by increasing institutional
adoption and resurgent retail demand, reflecting confidence that crypto
has arrived in the mainstream and is now reshaping finance,” Jones stated.

The
institutional narrative extends beyond traditional finance into corporate
treasury strategies. Jones highlighted growing corporate interest in Bitcoin as
a treasury asset, with Emirates making headlines through its decision to
integrate cryptocurrency payments into its operations.

Ryan Chow,
co-founder of BTCFi platform Solv Protocol with over $2 billion in total value
locked, frames the current surge as a long-overdue recalibration from
speculation to structural adoption. “What we’re seeing is a long-overdue
recalibration from speculation to structural adoption as mandates are being
rewritten around digital assets. Bitcoin’s new all-time high is a signal of
growing institutional maturity and global confidence in crypto as an asset
class,” Chow explained.

Regulatory Landscape
Shapes Market Sentiment

The regulatory
environment is becoming increasingly supportive of digital asset growth.
Jones highlighted the critical importance of upcoming regulatory developments
in the UK, noting that “all eyes in the UK will be on Rachel Reeves when
the Chancellor takes to the stage at Mansion House on Tuesday to provide an
update on the Financial Services Growth and Competitiveness Strategy.”

The demand
for regulatory clarity is driven by growing retail adoption, with
Jones citing FCA research showing “12% of UK adults now own crypto – these
retail investors are looking for compliant propositions that offer a safer
route to market.”

Howard
points to upcoming legislative developments in the US, noting that “we
await news in the coming week from the US administration on the STABLE and
GENIUS bills, likely can expect prices grinding higher rather than any short
term pullback.”

Liquidation Data Reveals
Short Squeeze

The crypto
price surge triggered the largest wave of liquidations since May, with
over $460 million in short positions wiped out. More than 114,000 traders were
liquidated, with $463 million coming from short positions compared to only $64
million from long positions.

This
massive short squeeze created a cascade effect, with waves of liquidations
accelerating price movements higher across major cryptocurrencies.

Onchain
analysis firm Santiment identified a crucial pattern supporting the digital
currency rise: retail trader-based wallets have been notably absent from the
current move. This historically indicates prime conditions for sharp upside
moves.

“When
retail shows FUD (whether through fear or impatience), these are usually prime
spots for smart money to move in and accumulate. This time has been no
different,” Santiment noted.

Frequently Asked Questions,
FAQs

Why is crypto going up so
fast?

The rapid
crypto surge is driven by $15 billion in Bitcoin ETF inflows, political
pressure on the Federal Reserve, massive short liquidations exceeding $460
million, and growing institutional adoption with companies like Emirates
integrating crypto payments.

What’s driving Bitcoin to
new highs?

Bitcoin’s
rally past $112,000 is fueled by institutional ETF demand, declining volatility
preceding major moves, corporate treasury adoption, and regulatory momentum
around digital asset legislation.

Why are altcoins
outperforming Bitcoin?

Ethereum
and other altcoins are benefiting from tokenization trends, ETH’s emergence as
a treasury play, forced liquidations of leveraged shorts, and smart money
accumulation while retail remains absent.