Bitcoin tops $113,000 in record-breaking rally
The world’s largest crypto is up 50% from April lows with more gains possible.
ROMAIN COSTASECA/Hans Lucas/AFP via Getty Images
Bitcoin surged to a new record high on Thursday, fueled by growing demand from institutional investors and pro-crypto policies under the Trump administration.
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The world’s largest cryptocurrency jumped to an all-time high of $113,450 at the time of writing. This marks its first record since late May and puts Bitcoin nearly 50% above its early April low.
The rally comes as more companies add Bitcoin to their corporate treasuries and lawmakers push forward with legislation supporting the crypto sector. So far this year, Bitcoin has gained 19%, keeping pace with the returns of big tech names like Nvidia and Microsoft.
However, trading volumes on Coinbase, the largest U.S.-based crypto exchange, have been dwindling. Analysts say this suggests that big institutional players may be accumulating Bitcoin through spot ETFs rather than on exchanges.
Looking ahead, technical analysts see a potential upside target for Bitcoin of around $146,400, which would be a 32% jump from current levels. On the downside, if Bitcoin pulls back, the $107,000 level could act as support, sitting just below the channel’s upper trendline and near its 50-day moving average.