Bitcoin has once again risen above the $111,000 mark, reaching a new high of $111,970. This article explores the current state of the market and potential prospects for the cryptocurrency.
Reaching a New High
On May 22, 2025, Bitcoin hit $111,970, nearly touching the $112,000 mark. This was made possible by a dramatic 4% increase in the last 24 hours, allowing it to break the previous record of $111,600 set earlier that day.
Factors Influencing Price
So far in 2025, Bitcoin has risen by 20% and by 49% since hitting $75,000 on April 7. This decline was triggered by economic uncertainty following the imposition of high tariffs by the U.S. However, the $113,000 level remains a significant resistance, defined by a trend line connecting previous major highs.
Signals from Exchanges
Recent data shows significant inflows of Bitcoin onto exchanges such as Coinbase Pro and Binance, indicating that some investors may be preparing to sell. Conversely, exchanges like Bitfinex and Kraken have seen substantial withdrawals, suggesting that some BTC investors are gearing up for long-term holding.
The Bitcoin market exhibits mixed signals with substantial inflows and outflows of BTC on exchanges. Breaking the $113,000 resistance could trigger a rally, but a pullback is also possible.
