Bitcoin has risen to a new historical maximum of $111,544 (data from CoinGecko). This is 48% above the minimum of April 7, when the flagship cryptocurrency fell below $75,000. The market capitalization of Bitcoin reached $2.2 trillion, and the 24-hour trading volume rose to $73.7 billion compared to $50 billion on Wednesday and $40 billion on Tuesday. Open interest in BTC futures also showed a maximum of $81.35 billion, significantly higher than the level of $46 billion observed in early March. This indicates growing confidence in the cryptocurrency from institutional traders and traders with margin.
On the daily chart of BTC/USDT, Bitcoin has turned the 21-day EMA towards support after several weeks during which it acted as resistance. What is even more important, the 50-day SMA (blue) has just crossed above the 200-day SMA (green), forming the well-known pattern 'golden cross'. Historically, it has been the case that after a similar pattern in October 2024, BTC rose by more than 37% in just 3 months. If the 'golden cross' plays out fully, the next realistic target could be the level at $153,600. Despite the overwhelming bullish momentum, a short-term pullback cannot be ruled out. The RSI and stochastic oscillator for BTC have entered overbought territory, indicating that the growth may pause or consolidate in the short term.