Bitcoin (BTC) officially made a new all-time high yesterday after it closed the session at $109,699 while it surged to $110,788 at some point.
Today, the price has gone up another by 1.3% and currently sits at $111,090 as the rally has touched a key area where significant liquidity could be unlocked if it keeps going.
The state of the market has shifted dramatically in just a month as sentiment took a U-turn in late April and recovered from a record low of 15 (Extreme Fear) in the Fear and Greed Index to 73 at the time of writing, indicating that investors have now adopted an attitude of greed.
Bitcoin’s remarkable recovery shows how rapidly things can shift in the crypto market and how bear markets can be reversed when the right catalysts pop up.
President Donald Trump’s decision to take a softer stance on tariff increases contributed to this rally as market participants were appeased by his willingness to negotiate with China and other countries.
Meanwhile, inflation has not gone out of control, but the latest reading in the gross domestic product (GDP) showed a retreat in economic activity that could force the Federal Reserve to lower interest rates.
What makes Bitcoin one of the best cryptos to buy is that it can be a safe harbor at a time of significant uncertainty. The fact that the token surged from $74,500 to $111,000 in just a month and a half indicates its strength in a relatively hostile environment.
Can Bitcoin keep rallying or is this the end of the road for now?
More Than $300M Worth of Bitcoin Shorts Have Been Wiped Out in the Past 24H
Looking at the price chart, Bitcoin has scooped up significant liquidity already after it broke the $109,000 barrier as data indicates that there were some large sell orders at that level.
Bitcoin short liquidations have surged to $336 million in the past 24 hours, meaning that there was a significant concentration of short sellers at these levels.
This is fuel to the rally as short orders are covered by buying the underlying asset. This increases the demand for BTC in the short term and pushes the price higher.
The 21-day exponential moving average (EMA) is the key level to watch as support alongside the 50-day EMA.
Meanwhile, if BTC keeps surging, the $109,000 resistance has now turned into support and the price could retest this area in the near term.
However, traders should be cautious at this point as the Relative Strength Index (RSI) has been sitting at extreme levels for days. This increases the risk of a big dump in the near term, but that does not necessarily invalidate Bitcoin’s bullish outlook as the rally needs a breather at this point.
As Bitcoin makes new all-time highs, the first reward of BTC Bull Token (BTCBULL) will soon be unlocked. This crypto presale offers a way to generate passive income as the top crypto reaches higher levels.
BTC Bull Token (BTCBULL) Offers Airdrops and Token Burns Tied to Bitcoin Price Milestones
BTC Bull Token (BTCBULL) is a meme coin that offers passive income to Bitcoin investors.
The rewards system is quite simple, starting at a baseline price of $100,000, a new reward is unlocked for every $25,000 added to BTC’s price.
The first milestone will be hit once Bitcoin reaches $125,000, at which point a portion of BTCBULL’s circulating supply will be burned.
Next up, once BTC reaches $150,000, token holders will receive a direct Bitcoin airdrop.
All of these actions will be executed automatically via smart contracts. These have been audited by two blockchain security firms – Coinsult and Solid Proof.
To buy $BTCBULL and start earning passive income as Bitcoin makes it to new heights, head to the BTC Bull Token website and connect your wallet. You can either swap USDT or ETH for this token or use a bank card to make your investment.
