Bitcoin Surges to Record High, Exceeding $109K

Bitcoin took precisely four months to surpass its previous high from mid-January, reaching approximately $109,600 on Bitstamp just moments ago.

According to CoinGlass data, the recent surge has led to over $110 million in liquidated short positions.

Just six weeks ago, the prospect of another record seemed far-fetched as BTC’s value had plummeted to below $75,000 amidst the escalating trade tensions during Trump’s presidency, leaving little optimism.

In an impressive turnaround within the next 30 to 45 days, the cryptocurrency climbed back, breaking the $100,000 mark on May 8, and hasn’t looked back since.

Recently, the market experienced significant volatility, with BTC nearly hitting a new all-time high several times, but it was halted at $108,000 earlier today.

Following a dip to $106,000 today, the cryptocurrency regrouped quickly and surged past its prior all-time high, establishing a new peak.

Indicators have emerged, hinting that bulls may gain the upper hand in the ongoing market struggle against bears. Notably, the accumulation by larger investors and companies has surged dramatically in recent weeks, often signaling impending price increases.

Interestingly, this new peak coincides with the upcoming celebration of Bitcoin Pizza Day on May 22.