Bitcoin Rockets to $110,730 — Is the Next Stop a Moonshot?

On Wednesday, the leading crypto asset bitcoin, vaulted over another price barrier, reaching $110,730 per coin.

Bitcoin price rose to a new high of $110,730 on Wednesday evening, continuing its recent rally from the lows seen earlier in the year.

At 8:58 p.m. ET, the leading crypto asset was trading at a slightly lower level of $109,990. It had earlier reached the peak of $110,730 at 7:15 p.m. ET, as per Bitstamp data.

The digital currency has soared 47.82% since bottoming out at $74,434 on April 6, marking an increase of over $35,000.

The rally in bitcoin can be attributed to persistent and organic buying pressure in the spot market, leading to the recent price surge, according to analysts at Bitfinex.

“This move has initially been a squeeze—since we moved up on short liquidations and the first break can be reversed on lower timeframes. However when we refer to our rally from 75k until now, it’s driven by clean spot demand, ETF inflows, and a macro backdrop that continues to favour risk-on assets,” the analysts explained.

They further noted, “the recent geopolitical de-escalation (Russia–Ukraine), dovish undertones from global central banks, and softening inflation prints have all created an ideal environment for bitcoin to act as a macro momentum asset.”

As bitcoin’s price hits new highs, it is also integrating deeper into mainstream finance, with several structural shifts supporting the rally. Among these are the participation of institutions in exchange-traded funds (ETFs) and the recalibration of the macroeconomic landscape.

The rally’s foundation in spot demand—as opposed to leveraged speculation—suggests enduring confidence, even though vulnerabilities remain. As global liquidity conditions evolve, bitcoin’s dual identity as a risk asset and inflation hedge will be tested, balancing speculative fervor with its nascent role in diversified portfolios.

“From here, the next zones to watch are $114K–$118K (minor liquidity walls) and then $123K–$125K, where large options open interest is building,” the Bitfinex analysts stated in their note on Wednesday.

“As long as ETF flows hold and macro doesn’t deliver a shock, this rally has room to extend. Pullbacks should be seen as entry opportunities—not signs of reversal.”