Is Bitcoin about to mark a new all-time high soon?

Bitcoin is currently trading at around $104,011, up 7% in the past 7 days, with some analysts eyeing a push toward $105,000 or beyond. After reclaiming the $100,000 milestone earlier this month, BTC has shown resilience despite short-term volatility. 

In Bitcoin’s recent rally, institutional accumulation remains a key driver, with companies like Strategy (formerly MicroStrategy) boosting their reserves to over 568,000 Bitcoin and Marathon Digital expanding its mining capacity.

The total crypto market capitalization hit $3.5 trillion for the first time since February 2, following a lower-than-expected CPI report for April.

The headline CPI came in at 2.3% annually, underperforming market forecasts of 2.4% — its lowest level since February 2021 — and a modest monthly increase of 0.2%. April's unadjusted core CPI annual rate was 2.8%, which aligns with market expectations.

Investors quickly capitalized on the weak inflation data, increasing buying pressure across top cryptocurrencies. Bitcoin reclaimed the $104,000 psychological level, posting a mild 1.4% gain after a brief decline to $101,700.

BTC's rise is also attributed to President Donald Trump's call for the Federal Reserve (Fed) Chair Jerome Powell to cut rates. Trump said he should "just let it all happen, it will be a beautiful thing."

The recent price rise has also seen the number one crypto asset continuing its correlation with the Global M2 money supply, which it has been tracking with a 10-week lag. BTC could rip to a new all-time high if the historical pattern holds.

Likewise, Bitcoin's spot Taker Buy/Sell Ratio across centralized exchanges has surged near the 1.02 level, according to data from CryptoQuant. The indicator, which tracks the ratio of aggressive buy-to-sell orders at market price, last hit such levels at the 2022 bottom near $15,000 and the breakout past $30,000 in late 2023, which were crucial turning points in the market.