Bitcoin has first surpassed $110,000 in the recent rebound, rising 3% in the past day and breaking through the earlier price highs of this year.
According to data from TradingView, on the evening of May 21 (before 11:30 PM UTC), Bitcoin reached $110,522.
A historical high of $110,788.98 was set on Coinbase.
Bitcoin has risen about 3% in the past 24 hours, surpassing the historical high of $109,458 set earlier that day, marking its trading price's first breach of the long-term high from January 20.
So far this year, the world's largest cryptocurrency has risen 17.5%, and since April 7, when U.S. President Donald Trump implemented sweeping tariffs leading to a global market crash, it has risen 47%.
The new high for Bitcoin's price coincides with the U.S. stock market being impacted by weak 20-year bond auctions, leading to a surge in U.S. Treasury yields on May 21. The S&P 500 index fell 80 points in half an hour, with declines also seen in the Nasdaq and Dow Jones indices, as all U.S. stock indices were down that day.
Caroline Bowler, CEO of the Australian cryptocurrency exchange BTC Markets, stated in a report to Cointelegraph that Bitcoin's new high "reflects the mature interest in digital assets globally, rather than the speculative frenzy seen in previous cycles."
She added, "Today's demand is driven by institutional-grade infrastructure and a clearer regulatory environment. Investor sentiment has undergone a decisive change, reflecting institutional-style allocation."
According to Google Trends, since November, the search volume for Bitcoin has been on a downward trend, at a typical low point of the cryptocurrency bear market, indicating lower interest from retail investors in cryptocurrencies.
Meanwhile, the cryptocurrency fear and greed index, which tracks market sentiment, scored 72 out of 100 on May 22, indicating "greed" in the market. This index has decreased from the peak of 84 on January 22, just two days after Trump's inauguration.
Edward Carroll, Head of Global Markets and Corporate Finance at MHC Digital Group, told Cointelegraph in a report that growing demand will drive mid-term price increases, potentially pushing Bitcoin's price to at least $160,000 in the fourth quarter of this year and reaching $1 million by 2030.
Traders' leveraged bets on Bitcoin exceed $1.1 billion.
Meanwhile, leveraged trader James Wynn's long position in Bitcoin on the crypto platform Hyperliquidity exceeded $1.1 billion during the peak of Bitcoin's price, becoming the largest on-chain margin trade.
The entry point for a 40x leveraged position is $108,065, currently unrealized gains of $20 million. If Bitcoin's price drops to $103,800, this position will be liquidated.