Bitcoin (BTC) price surged past $110,000 on Thursday, setting a new all-time high above its January peak of $109,588. This marks the second time in 2025 that Bitcoin has broken its previous record, further reinforcing its ongoing bullish trend.
The rally comes even as U.S. stock markets posted declines on Wednesday, showing BTC’s relative strength in a shifting macro environment. Bitcoin has gained over 50% since hitting a local low below $75,000 on April 7, signaling strong buying interest.
According to the latest market data, Bitcoin’s total market capitalization now stands at $3.49 trillion. The daily trading volume has increased by 58%, reaching $200.33 billion, while Bitcoin’s dominance has climbed to 63%.
This upward move has energized the broader crypto market, pushing other major altcoins such as Ethereum, XRP, and Solana higher. BTC is currently trading well above its former record high after a strong breakout earlier this week.
Bitcoin Price Targets New Milestone Levels
Ali, a cryptocurrency analyst, tweeted that Bitcoin has surpassed its previous records, marking its entry into price discovery. After a breakout of the $109,000 resistance, the cryptocurrency aims higher.
According to the tweet shared on May 21, Bitcoin’s trajectory since April has involved climbing lower points and often rising prices. After bouncing up from $75,000, the market is now focused on some important regions ahead.
The next resistance zones Ali mentioned are found at $116,000, $126,000, $136,000, and $148,000. These numbers are projections of key support levels and resistance levels using Bitcoin’s existing price trend. The daily chart reflects strong movement of the price thanks to rising volumes and buyer influence.
#Bitcoin $BTC is trading at new all-time highs, entering price discovery. The next key levels to watch are $116,000, $126,000, $136,000, and $148,000! pic.twitter.com/yh3ShJ5X59
— Ali (@ali_charts) May 21, 2025
Bitcoin Hits ATH As Exchange Reserves Fall to Record Low
Bitcoin reached a record high of $111,700 and is experiencing new growth opportunities. At the same time, the amount of Bitcoin on exchanges has dropped to a new low.
Because exchange reserves keep going down, this suggests a tighter supply trend, which analysts believe could cause prices to accelerate. According to Coinglass, as the supply of Bitcoin decreases, demand is rising, which raises the possibility of a supply shock.
Will Bitcoin Price Hit $120k By End of May?
Bitcoin price is consolidating above the resistance level after reaching a session high earlier today. The BTC trades within an ascending channel on the 4-hour time frame, maintaining higher highs and lows. At the time of writing, the BTC price is trading at $110,845, with 4% in the past 24-hours.
The RSI is currently reading 72, moving the index into the overbought area. The MACD indicator fits with a positive outlook for the market. MACD is above the signal line, and the histogram bars are getting bigger.
Bitcoin price has reached a resistance point at $112,000, adjusted after recent price tests. A rise above this point may lead to a move upward toward the following zones at $115,000 and $116,000. If buying pressure keeps up, the overall goal is $120,000, which is where the top line on the chart is.
The market’s downside support is found at $110,000. A fall below this point could result in BTC dropping down to $105,000.