Bitcoin surged to a new record high on Thursday, fueled by growing demand from institutional investors and pro-crypto policies under the Trump administration.
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The world’s largest cryptocurrency jumped to an all-time high of $113,450 at the time of writing. This marks its first record since late May and puts Bitcoin nearly 50% above its early April low.
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The rally comes as more companies add Bitcoin to their corporate treasuries and lawmakers push forward with legislation supporting the crypto sector. So far this year, Bitcoin has gained 19%, keeping pace with the returns of big tech names like Nvidia and Microsoft.
However, trading volumes on Coinbase, the largest U.S.-based crypto exchange, have been dwindling. Analysts say this suggests that big institutional players may be accumulating Bitcoin through spot ETFs rather than on exchanges.
Looking ahead, technical analysts see a potential upside target for Bitcoin of around $146,400, which would be a 32% jump from current levels. On the downside, if Bitcoin pulls back, the $107,000 level could act as support, sitting just below the channel’s upper trendline and near its 50-day moving average.
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Emily Price