Bitcoin charts new all-time high, over $109,565
Bitcoin set a new all-time high Wednesday, breaking its record from around the time of the inauguration in January.
Why it matters: This bull run is behaving differently from past crypto booms — most notably, the retreat from the recent high has not led to massive losses.
Bitcoin dropped about 30% between January and April, as investors pulled back in a risk-off trade amid economic uncertainty driven by tariff policies — but that's a much lighter retreat from prior collapses that saw losses of over 80%.
By the numbers: As of this writing, the new high on CoinGecko was $109,565, less than $800 above the prior high.
According to Wintermute, a major market maker, the new level to watch is $110,000.
Between the lines: A crucial part of the bitcoin success story since last year has been the launch of bitcoin ETFs.
CoinShares, which tracks publicly traded instruments that contain cryptocurrency, noted that bitcoin funds have fully recovered the assets under management they lost earlier this spring.
These instruments might be a crucial part of the reason that bitcoin has a life preserver protecting it from its past massive falls.
Yes, but: This cycle is different in another crucial way.
In prior crypto bull cycles, even as bitcoin's value rises to new heights, other tokens have also experienced wild runs, which often drives more enthusiasm from traders (professional and otherwise).
But it's been years since the last all-time high for two other cryptocurrencies that played major roles in both the 2021 and 2017 cycles: ether (ETH) and dogecoin (DOGE).
(This could still change — analyst reports have been suggesting that a shift could be ahead.)
What we're watching: September or October.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
an hour ago
- Yahoo
Watch These Bitcoin Price Levels as Cryptocurrency Back Near Record High
Bitcoin has hovered just below its record high in recent days as economic data has been encouraging and investor risk appetite has remained strong. The cryptocurrency's price staged a decisive breakout above a flag pattern earlier this week, laying the groundwork for a new move higher. Investors should watch key overhead areas on Bitcoin's chart around $112,000 and $137,000, while also monitoring important support levels near $107,000 and $100, (BTCUSD) has rallied over the past week to approach the record high it set last month, tracking the strong performance of U.S. equities and encouraging signals about the U.S. economy. The legacy cryptocurrency moved as high as $110,400 Wednesday morning after a closely watched inflation report showed that consumer prices rose less than expected last month, good news for investors who are hoping the Federal Reserve could be in a position to cut its benchmark interest rate this year. The price of bitcoin dropped to $108,800 recently, as U.S. stocks backed off their earlier highs as well. Once a fringe financial asset dismissed by the mainstream, cryptocurrencies have gained new legitimacy this year thanks in part to the support of President Donald Trump and several allies in Congress. The price of bitcoin has also been supported by surging demand from publicly traded companies, such as Strategy (MSTR), that use proceeds from equity sales to purchase bitcoin for corporate treasuries. Meanwhile, total assets in bitcoin exchange traded funds have ballooned to $132 billion this month, up from $91 billion in early April, pointing to growing institutional interest in the cryptocurrency. Bitcoin last hit a record high, of just under $112,000, on May 22. The digital currency has gained about 16% since the start of the year, far outpacing the performance of major stock indexes. Below, we take a closer look at Bitcoin's chart and apply technical analysis to identify key price levels worth watching out for. After hitting its all-time high last month, bitcoin's price consolidated within a flag, a chart pattern that indicates a continuation of the cryptocurrency's uptrend that started in early April. Indeed, the digital asset staged a decisive breakout above the pattern earlier this week, laying the groundwork for a new move higher. Meanwhile, the relative strength index confirms bullish price momentum, though the indicator remains below overbought levels, providing ample room for further upside. In another win for bitcoin bulls, the 50-day moving average (MA) crossed above the 200-day MA last month to form a bullish golden cross signal. Let's identify two key overhead areas to watch amid the potential for further buying and also locate support levels worth monitoring during profit-taking periods. The first overhead area to watch sits around $112,000. This area on the chart will likely attract significant scrutiny near last month's peak. A move higher could see bitcoin rally toward $137,000. We projected this target by extracting the price bars comprising the cryptocurrency's uptrend that preceded the flag and repositioning them from the pattern's breakout area. We selected this prior trend as it commenced following a breakout from a pennant pattern in late April, providing clues as to how the current breakout from a period of consolidation may unfold. During profit-taking, investors should initially monitor the $107,000 level. A retest of the prominent December and January peaks may be necessary before the cryptocurrency makes a meaningful move higher. Finally, a deeper retracement could see bitcoin's price revisit the closely-watched $100,000 level. This area would likely provide support near the psychological round number and a trendline that connects a range of corresponding trading activity on the chart stretching back to last November. The comments, opinions, and analyses expressed on Investopedia are for informational purposes only. Read our warranty and liability disclaimer for more info. As of the date this article was written, the author does not own any of the above securities. Read the original article on Investopedia Sign in to access your portfolio
Yahoo
2 hours ago
- Yahoo
Peter Schiff Says He'd Admit He Was Wrong On Bitcoin If He Wakes Up In A World Where...
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Economist Peter Schiff said in a recent interview that he would admit being wrong about Bitcoin (CRYPTO: BTC) if the world wakes up to a 'hyper Bitcoinization' scenario. What Happened: During an interview that aired Monday, Schiff was asked about what it would take for him to drop his long-standing skepticism and start buying into the apex cryptocurrency. 'I haven't bought it yet, and it's gone from practically nothing to $100,000. So if that hasn't convinced me, what's going to convince me?' the Bitcoin skeptic replied. Trending: New to crypto? on Coinbase. For the sake of argument, Schiff then envisioned a Bitcoin utopia. 'I suppose what everybody is saying is one day we're going to wake up in hyper Bitcoinization and Bitcoin is going to be money. There won't be any more dollars or any more euros or any more yen.' He added that if he woke up in such a world where everything, from insurance to bonds, is priced in Bitcoin, he would have to admit that he was wrong about Bitcoin. 'i guess if I wake up in that world, I'd have to admit that I was wrong.' 'I just don't believe that that's ever going to happen because we're no closer to that now than we were 10 years ago,' Schiff was quick to add. He said Bitcoin is being used more for 'gambling' than as a medium of exchange. Why It Matters: Schiff's views on Bitcoin have been a topic of debate in the cryptocurrency community. He has consistently claimed that the leading cryptocurrency lacks intrinsic value and is destined to fail. Earlier this year, he referred to Bitcoin as a "digital risk" and predicted that the financial turmoil of 2025 could mark its end. Interestingly, Schiff said in a recent podcast that his teachings on economics inadvertently led many to invest in Bitcoin, despite his advice against it. He added that many Bitcoin 2025 conference attendees cited him as the reason they purchased the apex cryptocurrency. Read Next: A must-have for all crypto enthusiasts: Sign up for the Gemini Credit Card today and earn rewards on Bitcoin Ether, or 60+ other tokens, with every purchase. Image Via Shutterstock/Frame Stock Footage This article Peter Schiff Says He'd Admit He Was Wrong On Bitcoin If He Wakes Up In A World Where... originally appeared on
Yahoo
2 hours ago
- Yahoo
Bitdeer Ramps Up Self-Mining Capacity, Ships 1.6 EH/s of SEALMINER A2s in May
Bitcoin BTC mining firm Bitdeer (BTDR) increased its self-mining capacity and expanded its international operations in May, according to the company's monthly update. The Singapore-based firm mined 196 BTC last month — up 18% from April — as it pushed forward the deployment of its SEALMINER A2 rigs across data centers in the U.S., Norway, and Bhutan. The company's proprietary hashrate now sits at 13.6 exahashes per second (EH/s), thanks to the energization of 3.9 EH/s worth of SEALMINER A1 machines and the ongoing rollout of the A2 line. Bitdeer also shipped 1.6 EH/s of SEALMINER A2 units to external customers during the month, signaling growing adoption of its mining hardware. The firm's infrastructure buildouts are also gaining pace. In Norway, 70 megawatts (MW) of a planned 175 MW expansion at Tydal are already online, with the remaining 105 MW expected to be energized by the end of June. In Bhutan, the Jigmeling site has begun energization, with plans to bring an additional 368 MW online for a total of 500 MW. A 221 MW facility in Massillon, Ohio, remains on track for phased completion through the second half of the year. The company's reach is extending into new markets. Bitdeer is preparing a 50 MW site in Ethiopia with support from a local partner and has secured a fully licensed property in Alberta, Canada, where it will build a natural gas power plant to support mining operations. In May, Tether exercised warrants from a previous financing round, providing Bitdeer with $50 million in cash in exchange for over 5 million shares. Looking ahead, Bitdeer says it remains on track to reach 40 EH/s in self-mining capacity by October. Sign in to access your portfolio
