Bitcoin (BTC) Price Breaks Above $107,500, Coming Within 2% of Its All-Time High

On May 21, Bitcoin price increased past the $107,500 mark, coming within just 2% of its all-time high. Recent bullish sentiment and strong institutional inflows mainly drove this increase, powering the market upward.

On Monday, the price of Bitcoin rose past the $107,500 mark, coming within just 2% of its all-time high.

The recent bullish sentiment and strong institutional inflows have largely driven this increase, propelling the market upward.

Moreover, spot ETFs continue to show impressive gains, and all indicators suggest that a significant price increase for BTC is on the horizon.

It is also possible that the entire crypto market could benefit from this development.

#Bitcoin is only 2% away from a new all time high 🐂pic.twitter.com/qzhfkdchgA

As of late Wednesday morning, Bitcoin hovered around $107,647, indicating a 1.3% rise over the 24-hour period. In the same vein, the price of Ethereum edged closer to $2,589, with a 0.9% gain. The overall crypto market cap also went up by 1% over the past day, reaching $3.4 trillion.

Now, market watchers are anticipating what many believe will be the final push to propel Bitcoin above its previous all-time high.

Key Driver of Momentum: A Closer Look

A key driver of this momentum has been institutional participation. Notably, Bitcoin futures open interest experienced a surge of over 10%, reaching $74.35 billion. This marks the highest level since January, with Binance alone contributing more than $12 billion.

On the spot side, US Bitcoin ETFs saw net inflows of $41.7 million on Tuesday, extending their winning streak to five consecutive days.

Recently, there have been significant policy changes in the U.S. that are impacting the crypto market. On Monday night, the Senate voted 66-22 to advance the GENIUS Act.

This bill, which has support from both sides of the aisle, aims to introduce much-needed regulatory clarity for crypto, especially in the area of stablecoins.

The GENIUS Act will help establish guidelines for issuing and backing stablecoins, requiring issuers to maintain reserves equal to the value of outstanding tokens and invest in liquid assets like Treasury securities. However, critics of the bill say it lacks stringent safeguards for investors.

It is important to note that President Trump appears to be in favor of the bill, which could be crucial for its passage. Despite some concerns, others see the GENIUS Act as a breakthrough moment for crypto.

According to Christian Catalini, an MIT professor and expert in blockchain technology, the bill will create a framework for crypto assets to enter the mainstream.

“This sets the stage for these assets to go mainstream. It will unlock new opportunities for economic growth and innovation.”

BTC Technical Indicators

Technical indicators suggest that BTC will likely continue growing. The 14-day Relative Strength Index stands at 70.70, which might indicate that Bitcoin is approaching an overbought state. However, the good news is that it is not yet at levels that are usually associated with huge price reversals.

At the same time, the Fear and Greed Index, at 70, showcases how optimistic investors are.

The 50-day Simple Moving Average, at $92,688, and the 200-day SMA, at $86,293, are both below the current price, signifying continued long-term growth. Even the current price movements remain easily manageable, as BTC’s volatility rating is at 5.10%, which falls within historical norms.

The combination of price strength, regulatory clarity, and institutional participation will create momentum for the price of Bitcoin to reach an all-time high. Subsequently, as BTC eyes a new high, investors’ attention is shifting towards better opportunities in the market.

Best Crypto to Buy Now

Bitcoin Pepe (BPEP) is a new meme coin project that is quickly gaining attention from investors. It is the first meme token on the Bitcoin layer, introducing the PEP-20 standard.

This project uniquely combines the levity and vitality of meme culture in the crypto market with the strength and resilience of the Bitcoin blockchain. The ecosystem of Bitcoin Pepe is designed to integrate the speed of Solana with the Decentralized Finance (DeFi) utility of Bitcoin capital.

The platform currently has more than 10 partnerships. Some of these include BETV for NFT content and CATAMOTO for blockchain projects focused on fair launches. A partnership with GETE will enable the development of cross-chain games, while Crypto Hunters brings expertise in Augmented Reality and Artificial Intelligence. Plena Finance provides support to dApps and smart contracts, establishing a meme-centric decentralized exchange and NFT market.

The staking rewards for Bitcoin Pepe are now fully sold out, and the presale will be coming to an end soon, on May 31, 2025. This places Bitcoin Pepe as an emerging project that is rapidly gaining traction.