Bitcoin crossed the symbolic threshold of $107500 this Wednesday

Bitcoin crossed the symbolic threshold of $107500 this Wednesday, brushing its all-time high to within just 2% of the peak.

Bitcoin crossed the symbolic threshold of $107,500 this Wednesday, brushing its all-time high to within just 2% of the peak. Despite a pullback to $106,200, the queen of cryptos still shows vibrant health. This remarkable performance remains driven by the massive influx of institutional capital and an overall euphoric market sentiment. Will the psychological barrier of $110,000 be crossed this week?

Major investors propel Bitcoin to new highs

Bitcoin has been soaring for several weeks and reached its highest level since January this Wednesday. This impressive performance is explained by two key factors.

Firstly, traders are heavily betting on the continuation of this trend. Positions on Bitcoin futures contracts have climbed by 10.65%, reaching $74.35 billion. Binance alone represents $12.28 billion of these positions.

Secondly, major institutional investors are reinforcing their presence. U.S. Bitcoin ETFs attracted $41.7 million on Tuesday, marking five consecutive days of positive inflows. In the week from May 13 to 17, as much as $603 million flowed into these investment products.

Sathvik Vishwanath, CEO of Unocoin, provides a clear reading of the situation:

“Bitcoin is stabilizing around $107,000, with a solid floor at $98,000 and a ceiling to breach at $109,500. Once this barrier is surpassed, we could target $112,000.”

Blockchain data confirms this optimistic analysis: major investors continue to buy and accumulate bitcoin, while market indicators suggest a bullish trend that should persist, even if it advances at a cautious pace.

The altcoin market benefits from BTC’s momentum

Ethereum, the second largest crypto globally, shone last month with a nearly 60% rise, outperforming Bitcoin significantly.

Currently at $2,500, it is at a key level according to Riya Sehgal, analyst at Delta Exchange. Despite positive long-term signals, recent profit-taking could temporarily slow its progress.

Other cryptos also show gains: BNB (+1.4%), Dogecoin (+2.4%), Cardano (+2%), and others like Solana, Avalanche, Stellar, and Shiba Inu each advancing around 1%. The entire market is on the rise.

Bitcoin still dominates this market by far with a total value of $2.123 trillion, representing 62.9% of all cryptos. One point deserves attention though: daily trading volumes have dropped by 10%, falling to $51.19 billion. This could indicate that activity is slowing despite rising prices.

The next major target for Bitcoin is now the $110,000 mark, despite the slight pullback to $106,200. With continued support from major investors and growing public enthusiasm, the top crypto could soon reach this new historic peak.