Bitcoin is once again on a sharp upward trajectory, hitting a new all-time high of $111,800. The main drivers behind this bullish move are the symbolic Bitcoin Pizza Day, which stirs up excitement across the crypto community, and massive whale accumulation, with transactions exceeding $76 billion.
🔹 Bitcoin Celebrates and Climbs – Pizza Day as a Catalyst
Every year on May 22, the crypto world celebrates the famous moment when someone bought two pizzas for 10,000 BTC. This legendary “crypto pizza” has since become a symbol of Bitcoin’s growth – and this year’s celebration comes with a strong price rally.
At the time of writing, Bitcoin is trading at $111,557, marking a 1.6% increase over the last 24 hours, a 19.3% gain over 30 days, and a staggering 61.4% year-to-date. These numbers clearly show that the market is bullish, with strong investor demand.
🔹 $76 Billion in Whale Transactions – A Powerful Signal
According to blockchain analytics firm IntoTheBlock, Bitcoin transactions surged to $76 billion on May 13, nearly double the $37 billion seen just three days earlier. These were large-scale moves—over $100,000 per transaction—mostly attributed to institutional players.
This activity coincided with BTC breaking through the $105,000 level, indicating that whale accumulation is fueling price discovery. Historically, such spikes in large transaction volumes have preceded major bull runs in Bitcoin cycles.
The rally is also supported by expectations of lower U.S. interest rates and the strengthening narrative of Bitcoin as “digital gold,” especially in the post-halving environment.
🔹 Positive Volume Delta Confirms Broad Market Interest
Another key factor: a positive volume delta—the net difference between buy and sell pressure. In the last six trading sessions, this delta was strongly positive on four occasions. For example, on Thursday, net demand reached 2,770 BTC on Binance.
This confirms that not only institutional OTC inflows but also retail traders on spot exchanges are actively buying in.
In the last 10 days, Bitcoin has surged from $94,000 to $111,430—an 18.5% jump. Daily candles are consistently closing near the upper Bollinger Band, indicating sustained market interest.
🔹 The Technical Outlook: Next Stop – $120,000?
The bullish trend remains intact. The middle Bollinger Band now sits at $103,522 and acts as dynamic support. The upper band at $112,942 serves as short-term resistance.
If BTC breaks above this level with solid volume, analysts expect the rally to continue toward the psychologically important $120,000 mark.
A dip below $108,000 could trigger a short-term correction toward the $103,000 zone. However, if whales continue to accumulate during any pullbacks, the case for retesting $120,000 in the coming week remains strong.
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