Bitcoin (BTC) Price Hits New All-Time High of $112,000, Market Cap Surpasses GDP of Sweden and Saudi Arabia

Bitcoin made headlines, hitting a new record high of $112,000 before easing back a bit. As of now, it’s hovering around $110,900

Bitcoin's (BTC) blistering rally continues, pushing the crypto behemoth's market cap past the GDP of Sweden and Saudi Arabia.

Bitcoin price hit a new all-time high of $112,000 on Monday, before easing back slightly to trade around $110,900.

Despite the slight pullback, Bitcoin's breakout has traders buzzing.

The move comes as macroeconomic tailwinds continue to support crypto, while technical indicators are flashing mixed signals.

Here’s a glance at what’s moving in the markets:

Bitcoin Price Hits New All-Time High, Cooling Off Slightly

Bitcoin price rose to a new all-time high of $112,000 early on Monday, extending its rally as traders anticipate further gains.

However, BTC prices pulled back slightly from record levels, suggesting that bulls could be encountering some resistance.

Still, the crypto behemoth’s market cap has now surpassed the GDP of Sweden and Saudi Arabia, according to data from TradingView and Statista.

Bitcoin’s rally has also pushed the Relative Strength Index (RSI) into overbought territory, indicating that the rally could be due for a correction.

However, if traders can push BTC above the $112,000 resistance, then the next target is $120,000.

On the other hand, if sellers return and push the price below $109,000, then short-term traders could see a deeper pullback to $105K, a level where buyers have been active in the past.

Bitcoin Chart Analysis

Bitcoin is trading just below record levels, but the structure still favors bulls. Here’s what the chart says:

If traders can push BTC above the $112,000 resistance, then the next target is $120,000.

On the other hand, if sellers return and push the price below $109,000, then short-term traders could see a deeper pullback to $105K, a level where buyers have been active in the past.

Bitcoin is now being treated like digital gold, and this week’s move reinforces that. Global headlines talk about Bitcoin as a monetary giant, larger than national currencies and immune to central bank dilution.