New all-time high for the price of Bitcoin
Last night the price of Bitcoin set a new record: for the first time in its history, it surpassed $110,000.
It had already come close in January, when it stopped at $109,000, as it did yesterday. However, today the Asian markets pushed it further, allowing it to set a new record.
The historical records of Bitcoin
The first Bitcoin cycle, from its creation in January 2009 until the first halving in November 2012, is usually ignored in analyses of its price trend because it was truly very anomalous.
The record of the second cycle was recorded in November 2013, when for the first time in its history it exceeded $1,000 reaching $1,100. The same year, in April, it had exceeded for the first time in its short history $100, while $10 had already been exceeded in the first cycle.
During the third cycle, at the end of 2017, it first managed to surpass $10,000, and then almost reached $20,000.
During the fourth cycle, at the end of 2021, it was expected that it could surpass $100,000, but it did not, and the maximum record was registered at about $69,000.
In the fifth cycle, the current one that began in April 2024, it first managed to break through the $70,000 wall, even though this happened in 2024 but a few months before the halving, and then it finally managed to surpass the much-anticipated $100,000 by the end of the year.
The year 2025 started with a new record at $109,000, followed by a correction that briefly brought it below $75,000 in April.
In May, however, it not only managed to climb back above $100,000, but also managed to break through the $110,000 barrier for the first time.
The Asian markets
It is not a coincidence that the new record was set when the US and European markets were closed, and just as the Asian ones were open.
In fact, although the American markets are the most important, the second in importance are now the Asian ones, followed by the European ones.
To tell the truth, yesterday with the Asian markets closed and the American ones open, the price of Bitcoin recorded a first new all-time high above $109,000, but without managing to surpass $110,000.
Note that yesterday the US stock markets closed with a sharp decline (-1.6% for the S&P500), and it was precisely the trigger of that decline that caused the price of Bitcoin to drop from $109,000 to less than $107,000.
Then, however, that drop stopped, the US stock exchanges closed the daily trading session, and the price of Bitcoin returned to $109,000 even before the reopening of the Asian stock exchanges.
Moreover, last night the Asian stock markets turned out to be in decline, so at this moment it is not at all the traditional stock markets pushing Bitcoin, but the traditional markets as a whole, with particular reference to the American and Asian ones.
However, in recent days after the closure of the Asian stock exchanges, and before the reopening of the American ones, the European markets have always slightly lowered the price of BTC, but without affecting its trend. It is possible that in Europe there are currently many profit-taking activities, while Americans and Asians are buying instead.
The selling pressure
Behind the new record prices of Bitcoin, there is a selling pressure at its lowest.
Taking as a reference the BTC that are deposited on exchanges, in fact, since CryptoQuant started monitoring this metric in May 2022, there have never been so few.
The fact is that generally those who deposit BTC on an exchange do so primarily to sell it, so if deposits increase, it means that selling pressure is about to increase.
On the contrary, therefore, it is possible to assume that in the event of an increase in withdrawals, the selling pressure may decrease, and given that the level of BTC remaining on exchanges is at its lowest at least since 2022, it is imaginable that the selling pressure is also low.
Furthermore, until February 2024 the level had remained quite constant, and quite high, while starting from March of last year it began to decline.
The most evident decline, however, began precisely in November of last year, after Trump’s electoral victory. It is not a coincidence that this decline was accompanied by an increase in price, which indicates a bull phase of accumulation that has been going on for more than a year now, and which has intensified for more than six months.
Will Bitcoin set a new record at $120,000?
In the current state, with such low selling pressure suggesting that profit-taking is still minimal, it leads one to think that this accumulation phase may continue, at least for a few more days or weeks.
Furthermore, the Dollar Index has fallen back below the 100 mark and seems to have re-entered the downward trend that began at the end of January.
The price of Bitcoin in the medium/long term tends to be inversely correlated to the Dollar Index, so any further decline of the latter could favor the continuation of the rise of BTC.
The hypothesis circulating is that, in the medium-short term, it might even manage to approach $120,000.