Bitcoin Surges Past Its Previous All-Time Highs This Week, Reaching $112,000

Bitcoin surged past its previous all-time highs this week, reaching $112,000 on Thursday after breaking through resistance on Wednesday.

Bitcoin price has pulled back from its recent all-time highs as risk-off sentiment flowed through global markets. The move came after U.S. President Donald Trump threatened to impose a 50% tariff on European Union imports.

Bitcoin pulled back from its recent all-time highs above $112,000 on Thursday as risk-off sentiment flowed through global markets.

The move came after U.S. President Donald Trump threatened to impose a 50% tariff on European Union imports. In response, the EU’s trade chief said that such a move would harm both sides and that the bloc was prepared to defend its interests.

The threat of a trade war came as markets had already grown skittish over rising U.S. Treasury yields and slowing economic growth in China.

Earlier this week, Bitcoin broke through the resistance at $110,000, pushing it into a new price discovery phase. However, the rally was met with resistance at the $115,000 zone, which analysts said would be needed to sustain the next leg of the market’s bull run.

Bitcoin has now returned to the daily EMA 8, according to popular analyst Big Cheds. Holding this moving average could indicate that bulls remain in control and that this pullback is simply part of a healthy consolidation after such a strong rally.

Bitcoin price is pulling back from recent all-time highs as risk-off sentiment flows through global markets.

U.S. President Donald Trump threatened to place a 50% tariff on European Union imports.

The move came in response to France’s planned tax on digital services, which Trump said was unfair to U.S. tech companies.

The threat of a trade war came as markets had already grown skittish over rising U.S. Treasury yields and slowing economic growth in China.

Earlier this week, Bitcoin broke through the resistance at $110,000, pushing it into a new price discovery phase. However, the rally was met with resistance at the $115,000 zone, which analysts said would be needed to sustain the next leg of the market’s bull run.

According to technical analyst Big Cheds, Bitcoin has now returned to the daily EMA 8. Holding this moving average could indicate that bulls remain in control and that this pullback is simply part of a healthy consolidation after such a strong rally.

"Still no close above 115k to confirm a new bull market phase. We're currently in an overbought condition with 87% above the 50sma and 74% above the 200sma," he added.

Several other analysts have also noted that a deeper correction could materialize if traders fail to defend the 34-period EMA on the 4-hour chart, currently standing at $107,800. A break below this level could open the door for further weakness towards the 50-SMA at $106,273, which is also a key Fibonacci retracement level.

"We're still in a strong uptrend with higher lows and highs. A drop below 103600 would negate the uptrend and open the door for a deeper correction," one analyst said.

"Eyes will be on how BTC reacts at this technical crossroads as the market digests the latest macro headlines."