Bitcoin Hits New All-Time High: Is The Rise Not Over?
Bitcoin (BTC) – the world’s largest cryptocurrency – has just hit a new all-time high (ATH), surpassing $111,861 in the morning trading session on May 22 in the European market. This milestone surpassed the previous record set in January, right before the inauguration of former President Donald Trump.
This is not only a revival after the correction period in April, but also a sign that Bitcoin’s upward momentum has not shown any signs of slowing down.
What’s Driving Bitcoin’s Rise?
Bitcoin has gained about 45% since its bottom of nearly $76,000 in April – when global markets were rattled by trade tensions and geopolitical risks. However, in recent weeks, macro factors and institutional money flows have changed the picture.
1. A boost from the US regulatory framework
One of the major catalysts was the US Senate’s passage of the GENIUS Act – the first bill to establish a regulatory framework for stablecoins. This is seen as an important first step in bringing the crypto industry into a more transparent regulatory environment.
2. The U-turn from JPMorgan and Jamie Dimon
In a surprising move, JPMorgan CEO Jamie Dimon – who has been one of the most vocal opponents of Bitcoin – confirmed that the bank would allow clients to access digital assets. This created a strong ripple effect on Wall Street, prompting other institutions to reconsider their positions on Bitcoin.
3. MicroStrategy continues to accumulate BTC
It came as no surprise to anyone that Michael Saylor and his company MicroStrategy continued to increase their positions, this time buying $765 million worth of Bitcoin, bringing their total holdings to over $63 billion. This is a clear demonstration of confidence in BTC’s long-term role as “digital gold.”
Divergence With Stocks: A Historic Moment
Notably, Bitcoin is surging while the US stock market is falling – an unusual phenomenon as BTC has historically mirrored the Nasdaq’s movements.
This signals a shift in sentiment: investors are seeing Bitcoin not just as a speculative asset, but as a store of value in times of uncertainty.
Moody’s downgrade of the US credit rating also acted as the “last straw,” sending money into Bitcoin as an alternative to traditional assets.
Key Technical Milestones: Can BTC Hit $120,000?
Technical analysts are currently eyeing the nearest support at $107,000, followed by $100,000 and $92,000. Holding above $107,000 will be the key to maintaining bullish sentiment in the short term.
Meanwhile, the $112,000 area is seen as the nearest resistance, but not too far from a new high. According to Joe DiPasquale, CEO of BitBull Capital, if ETF inflows continue to be strong and macro factors remain positive, Bitcoin could reach $120,000 in the coming weeks, not months.
Why is this rally more important than previous ones?
More than just a “pump,” the current rally is backed by solid fundamentals:
Involvement of major financial institutions (JPMorgan, BlackRock, Fidelity, etc.)
A clearer legal framework is taking shape
Market sentiment is more stable, with less emotional volatility
The role of financial refuge is reinforced in a macro-risk environment
Conclusion: The Market Enters a New Phase?
Bitcoin has officially entered a new era of price appreciation, not only in terms of value but also in terms of its role in the global financial system. With support from policies, institutions, and institutional investors, many experts believe that Bitcoin is getting closer to becoming a core part of the global asset class.
The $120,000 mark is just a stepping stone. The real question is: Can Bitcoin reach $150,000 – or beyond?