Bitcoin set a new record close at $106,800, which is 2.3% below its all-time high. Increasing institutional investments and interest in futures may support further growth.
Record Bitcoin Close
Bitcoin closed at $106,800, breaching the key $106K resistance level. This move places the asset just 2.3% below its all-time high of $109,356. Analysts believe a new all-time high could soon be reached.
Institutional Demand and Market Support
Institutional interest remains strong, with ETF inflows exceeding $3.3 billion in May. Coinbase's positive premium indicates that the rally is supported by cash buying. ETF creators are purchasing $400M to $500M of BTC daily. Additionally, major firms like MetaPlanet and MicroStrategy increased their holdings by over 8,000 BTC last week.
Forecasts and Technical Analysis
Analysts now eye $109K as the next resistance, with short-term upside targets mentioned at $116K and $128K. Bitcoin’s chart structure and liquidity metrics suggest it is nearing a new price discovery phase above its all-time high.
Bitcoin's record close and rising institutional interest create the groundwork for potential new all-time highs. This signals strong underlying support and potential increased volatility in the market.
