Bitcoin renewed its all-time high on Thursday, 22, reaching the mark of $111,980 for the first time during the early morning. The rally of the largest cryptocurrency in the world has been driven by a combination of factors, such as a favorable macroeconomic environment, regulatory advances, and greater institutional interest in digital assets.
Around 3:27 PM (Brasília time), Bitcoin was up 4.63%, trading at $111,620. Ethereum rose 6.38%, quoted at $2,650.16, according to data from Binance. Among the highlights of the week is the Pendle token, which accumulated a 22% increase in just five days and may reach $5.28, according to Ana de Mattos from Ripio.
Approved in the Chamber, President Donald Trump's tax reform proposal raised fears about the U.S. indebtedness, leading investors to seek alternatives to the dollar, such as Bitcoin, according to Susannah Streeter, analyst at Hargreaves (LON:HRGV) Lansdown.
The largest cryptocurrency in the world has already accumulated an increase of nearly 20% in May, supported by factors such as the agreement between the U.S. and China for a temporary suspension of trade tariffs. Regulatory issues also boosted the market. Bitcoin rose after the preliminary approval in the U.S. Senate of a bill on stablecoins on Monday. The following day, the state of Texas approved legislation authorizing the creation of state reserves in Bitcoin, highlights analyst Linh Tran from XS.com.
From a technical perspective, support levels are now at $110,000 and $106,000. "Based on the recent sideways movement, it is possible to project a target of up to $130,000, should the rally continue," assesses Christopher Lewis from FXEmpire.
