Bitcoin Just Crushed $117K — While the U.S. Dollar Has Its Worst Year Since 1973, What Next?

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Bitcoin is officially on a tear.

The world’s leading cryptocurrency has skyrocketed more than 55% since its April 2025 low, smashing through the $115,000 mark and setting fresh all-time highs near $117,300. This explosive move comes as the U.S. dollar suffers its worst start to a year since 1973, plunging nearly 11% in just six months — a macro shift that may be fueling Bitcoin’s ascent.

Are you paying attention?

Bitcoin is now up +55% since its April 2025 low, hitting a RECORD $115,000.

Meanwhile, the US Dollar just had its WORST start to a year since 1973, falling nearly -11% in 6 months.

This is not a coincidence. Let us explain.

(a thread) pic.twitter.com/mnGLb74Sox

— The Kobeissi Letter (@KobeissiLetter) July 10, 2025

But this isn’t just a headline-grabbing rally. Underneath the price action, technical indicators, liquidation data, and order book levels all point to a potent blend of bullish momentum and speculative chaos.

The Largest Short Liquidation of the Year

In the last 24 hours alone, the market witnessed a $1.13 billion liquidation event, with a staggering $1.01 billion coming from short positions — the largest short-side wipeout of 2025 so far.

Exchange liquidations (Source: CoinGlass)

Bitcoin futures alone triggered $590 million in liquidations, while Ethereum contributed $241 million. Nearly 237,000 traders were liquidated, including a single $88.5 million BTC-USDT short on HTX. Bybit bore the brunt of the storm, with $461 million in liquidations — over 93% of which were shorts.

Such massive liquidations not only close out bearish bets but amplify upside pressure by force-buying into a rising market. The result is a reflexive surge — and Bitcoin just rode that wave to new highs.

Bitcoin 24-hour price performance (Source: CoinMarketCap)

Technical Picture: Bullish But Overheating

Bitcoin’s daily chart shows a powerful uptrend backed by solid momentum. The price has steadily climbed over several sessions, with bullish alignment in the 9-day and 20-day EMAs, a rising MACD, and aggressive upside candle closes — all classic signs of market strength.

Daily chart for BTC/USDT (Source: TradingView)

The MACD is accelerating, reflecting growing bullish momentum. However, the RSI has entered overbought territory, flashing early warnings of a market that may be overheating. While this doesn’t guarantee a reversal, it often signals a need for consolidation or a cooldown before another leg up.

In short: the bulls are clearly in control, but they’re sprinting at full speed — and fatigue could set in.

Bitcoin Order Book: Battle at $117K Zone

On-chain and order book data show a fierce tug-of-war just below and above $117,000:

BID walls at $117,013.46, $117,000, and $117,260.83 signal strong buyer support. The largest wall at 117013.46 (~$935K) may act as a key defense zone.
ASK walls at $117,260.84, $117,325.34, and $117,400 are currently capping upward movement. These layers of sell pressure must be absorbed for BTC to break cleanly into the next phase of price discovery.

Clearing the $117,400 barrier could open the door to further gains — potentially into the 118K+ range — while failure to hold above the bid zone could lead to a sharp pullback.

Macro Tailwinds: Bitcoin Rises as USD Falls

Bitcoin’s parabolic surge is also being fueled by macro conditions. The U.S. dollar has dropped nearly 11% in the first half of 2025, marking its worst performance in over five decades. As inflation concerns linger and global monetary policies shift, investors appear to be rotating into hard assets — with Bitcoin increasingly seen as a digital hedge.

Daily chart for US Dollar Index (Source: TradingView)

This macro backdrop enhances Bitcoin’s narrative as a store of value and likely contributed to the short squeeze, as traders underestimated the strength of this structural shift.

Trading Strategy: How to Navigate the Next Move

For Longs:
A confirmed breakout above $117,400 with strong volume could offer a continuation entry for bulls. More conservative traders may look for a pullback to EMA levels or the support band around $117,000–$116,000 before re-entering.

For Shorts (with extreme caution):
Shorting into this strength has proven dangerous — just ask the 237,000 traders who were liquidated. A safer play would be waiting for bearish divergence on the RSI or a breakdown below support at $105,681.14 or $103,985.48.

What’s Next?

Bitcoin’s vertical rally, macro tailwinds, and the largest short liquidation of the year suggest there’s real conviction behind the move. But the market is now approaching saturation levels — both technically and psychologically.

Whether BTC consolidates, retraces slightly, or explodes through resistance depends on how it interacts with the $117K order book cluster in the coming days. Traders should remain nimble, as volatility is almost guaranteed from here.

Disclaimer: The information presented in this article is for informational and educational purposes only. It does not constitute financial advice. Ecoinimist is not responsible for any losses incurred. Readers should exercise caution before acting on this content.

Author

Steven Walgenbach

Steven's passion for cryptocurrency and blockchain technology began in 2014, inspiring him to immerse himself in the field. He notably secured a top 5 world ranking in robotics. While he initially pursued a computer science degree at the University of Texas at Arlington, he chose to pause his studies after two semesters to take a more hands-on approach in advancing cryptocurrency technology. During this period, he actively worked on multiple patents related to cryptocurrency and blockchain. Additionally, Steven has explored various areas of the financial sector, including banking and financial markets, developing prototypes such as fully autonomous trading bots and intuitive interfaces that streamline blockchain integration, among other innovations.

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