Bitcoin (BTC) Reaches a New All-Time High of $111,861

With Bitcoin Pizza Day pushing BTC past $111,000, are we just getting started?

Bitcoin (BTC) price analysis: BTC pulls back slightly after hitting new all-time high of $111,861

Bitcoin price is pulling back slightly after hitting a new all-time high of $111,861 earlier in the session. The cryptocurrency rose as high as $111,861 in early trading on May 22, later pulling back to around $111,500.

The new peak came as U.S. stock markets fell the previous day, highlighting a growing divergence between Bitcoin and traditional equities. Typically, there is a correlation between the Nasdaq and Bitcoin, especially during periods of economic uncertainty, but that wasn’t the case on Thursday.

Several developments may be contributing to the divergence. On Friday, the U.S. Senate advanced a bill that would create a regulatory framework for stablecoins, aiming to prevent the shadow banking system from engaging in activities that could destabilize the financial system.

The bill, which is the first formal move toward broader cryptocurrency legislation in the U.S., focuses specifically on dollar-pegged digital assets, presenting an opportunity for the administration to quickly pass a meaningful measure.

The legislation stems from a broader initiative to regulate cryptocurrencies, with the administration aiming to complete the regulatory landscape by year’s end.

The bill's passage comes amid increasing attention on the risks posed by stablecoins, especially following the collapse of FTX and the subsequent scrutiny of the crypto space.

Moreover, institutional investors appear to be showing greater interest in Bitcoin. JPMorgan Chase & Co. CEO Jamie Dimon announced during the bank’s annual investor meeting on Thursday that clients would now be able to purchase Bitcoin through the firm’s platforms.

While JPMorgan won’t be directly holding the asset, offering access through its infrastructure marks a key change for one of the world’s largest banks.

JPMorgan’s CEO Jamie Dimon also stated, “I’m not a fan of Bitcoin,” adding that he prefers "a great country" or a "great currency" to Bitcoin.

Despite his personal preference, the move responds to rising client interest in cryptocurrency investments.

The move by JPMorgan comes as other major institutions, such as BlackRock and Charles Schwab, are also showing interest in the crypto space.

Rising interest from big institutions could lead to greater institutional capital flows into crypto in the coming months.

Bitcoin technical analysis

The daily chart on Bitcoin shows a clean breakout structure. Following a prolonged consolidation between January and mid-April, where prices held within a narrow band between $95,000 and $105,000, momentum began building in late April with a steady upward move.

A more defined breakout emerged once BTC pushed past the $105,000 resistance, a level that had capped multiple rally attempts since the beginning of the year.

The recent price action established a clear pattern of higher highs and higher lows, reinforcing the bullish trend. The current leg of the rally began from the April swing low near $73,000.

From that level, Bitcoin has gained over 50% in less than two months, climbing with minimal pullbacks and entering a zone of limited historical reference, where price discovery becomes more speculative.

The area between $105,000 and $107,000 now acts as the first major support zone. This range acted as resistance during the earlier consolidation and has likely flipped into support following the breakout.

A potential retracement into this zone would offer traders a key area to gauge market strength and the likelihood of trend continuation.

However, psychological round numbers like $115,000 and $120,000 may act as soft barriers, considering how commonly such levels influence behavior in crypto markets.

Sustaining a daily close above $112,000 with strong volume could open the way toward the $118,000 to $120,000 zone, where sellers might begin to emerge and trigger partial profit-taking.

From a trend perspective, momentum indicators are likely approaching overbought conditions. While that doesn’t imply an immediate reversal, it does highlight the increasingly stretched nature of the move.

A deeper pullback would bring the $98,000 to $100,000 region into focus. This zone holds structural importance and could serve as secondary support before any larger move lower.

Losing that level might lead to a broader retest of the $92,000 to $95,000 range, where Bitcoin spent considerable time consolidating earlier in the year.

For now, the technical structure remains strong, supported by confirmed breakout levels and active participation across both spot and derivatives markets.

Bitcoin price analysis: BTC pulls back slightly after hitting new all-time high of $111,861

Bitcoin price is pulling back slightly after