Bitcoin (BTC) Hits a New All-Time High at $111,861.22

The largest cryptocurrency asset also experienced a surge in trading volume, rising over 66% by morning as it moved around $91 billion of its supply

Bitcoin (BTC) continued to soar to a new all-time high at $111,861.22 during the wee hours of Thursday (UTC). The largest cryptocurrency asset also experienced a surge in trading volume, rising over 66% by morning as it moved around $91 billion of its supply across wallet addresses.

The milestone coincides with the celebration of Bitcoin Pizza Day, which marked a historic moment when BTC was first used to purchase real-world goods. The transaction executed by Bitcoin OG Laszlo Hanyecz involved 10,000 BTC in exchange for two large Papa John’s pizzas back in 2012.

Today, it has become the world’s fifth-largest asset by market cap. The overall valuation of its 19.86 million circulating supply recently peaked at $2.22 trillion, surpassing Amazon’s $2.14 trillion market cap and seemingly gearing up to topple Apple’s $3.018 trillion value along the way.

What’s Going On?

Bitcoin has certainly come a long way from its hushed development within the pseudonymous Satoshi Nakamoto’s rig and the historic Bitcoin Pizza Day to becoming one of the world’s top assets.

The latest developments can be attributed to the following factors:

Bitcoin Price Hits a Golden Cross

Bitcoin’s moving averages (MA) finally touched the coveted Golden Cross on its way up. The pattern occurs when the short-term MA crosses the long-term MA on its way up.

In the present scenario, the 50-day MA of BTC has intersected with the 200-day MA as values rallied to a record high. This is usually a sign of a strong bull market, which means Bitcoin may be due for further pumps as it heads to a new price discovery.

As Blockzeit called it earlier, the Golden Cross could test the $124,800 resistance, with the $97,300 sitting as its key support from its previous resistance zone. However, investors must take heed of the Relative Strength Index (RSI) warnings, showing the digital asset in overbought zones across the 9-day, 14-day, and 21-day range. If the market’s buying momentum fails to hold, it could signal a significant correction for BTC soon.

Strong Institutional Support in BTC

Interestingly, strong institutional support has primarily driven Bitcoin’s surge. This suggests there’s more fuel left in its rocket as retail investors have yet to go FOMO on the digital asset.

Strategy and BlackRock have been instrumental in Bitcoin’s recent progress as institutions, including sovereigns and governments, turn to them and other institutions for BTC proxies. Big banks, like Standard Chartered and JPMorgan, are also serving as the new cheerleaders of the refreshed bullish momentum.

On top of these, major governments that used to be antagonistic toward crypto are now rushing to push laws aimed at regulating and promoting the adoption of Bitcoin and other digital assets without stifling their advancements and innovations.