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Bitcoin roared past its previous record today, hitting $116,526 according to CoinMarketCap during a sharp hourly breakout that caught traders by surprise.
The quick move came after several days of tight price action between $110,000 and $113,000, with BTC coiling in a narrow range. But then came a steep green candle that sent the price soaring, backed by a noticeable spike in volume—a clear sign that buyers were all in.
Earlier in the session, the market had shown signs of energy near $108,500, followed by some sideways action. This time, though, bulls followed through with force. The breakout above $114,000 lit the fuse for the jump past $116,000, pushing BTC into uncharted territory.
Today’s breakout was not gradual. It was fast and vertical, bringing back memories of previous bull runs when Bitcoin made similar parabolic moves. Traders now have their sights set on $120,000 as the next major psychological level.
At the time of writing, Bitcoin is hovering around $116,138 and holding steady after the explosive move.