Reaches New All-Time High Above $111,000

TLDR

• Bitcoin reached a new all-time high above $111,000 with minimal market overheating signs compared to previous rallies
• Funding rates and short-term capital inflows remain lower than during past bull cycle peaks, suggesting more sustainable momentum
• Old Bitcoin whales have avoided major profit-taking despite successive new highs, indicating expectations for further price appreciation
• US spot Bitcoin ETFs now hold approximately $129 billion in assets, representing about 6% of Bitcoin’s total market cap
• Large Bitcoin inflows to Binance exchange suggest potential selling pressure, though long-term holder behavior remains stable

Bitcoin has achieved a fresh all-time high, trading above $111,000 yesterday in what analysts describe as a notably calm market environment. The cryptocurrency reached $111,800 at its peak, surpassing its previous record of $109,600 set in mid-January.

Market indicators suggest this rally differs from previous bull runs. Funding rates, which measure speculative activity, have remained subdued despite the new price milestone. Long positions have increased but stay well below levels seen during past market peaks.

Short-term capital inflows into Bitcoin have also been more measured. Analysis of Bitcoin traded within one week to one month timeframes shows lower speculative activity compared to earlier rallies.

Profit-taking activity has occurred but at reduced levels. The scale of recent profit realization remains far below what occurred in March and November 2024, both periods that preceded sharp market corrections and billions in trader liquidations.

Institutional Demand Continues Growing

Bitcoin whales have largely refrained from selling despite successive price highs. This behavior suggests major holders expect further price appreciation ahead.

Institutional demand through US spot Bitcoin ETFs continues expanding. These funds now hold approximately $129 billion in total net assets, representing about 6% of Bitcoin’s entire market capitalization.

The Estimated Leverage Ratio has climbed to 0.2, matching levels reached in December 2024. Open Interest on major exchanges has also approached December levels, reflecting strong bullish sentiment while indicating potential for increased volatility.

Technical Analysis Points to Further Upside

Crypto analyst Ali Martinez has identified key resistance levels at $116,000, $126,000, $136,000, and $148,000 as Bitcoin enters uncharted territory.

#Bitcoin $BTC is trading at new all-time highs, entering price discovery. The next key levels to watch are $116,000, $126,000, $136,000, and $148,000! pic.twitter.com/yh3ShJ5X59

— Ali (@ali_charts) May 21, 2025

Technical indicators remain positive for continued upward movement. Bitcoin appears to be nearing a bullish Golden Cross formation on weekly charts.

Some analysts believe Bitcoin may have entered the final phase of a Wyckoff Accumulation pattern. This technical setup could potentially drive prices toward $120,000 in the next phase.

Exchange data reveals mixed signals about immediate price direction. Binance recorded 4,435 BTC in inflows on May 22, representing the largest positive netflow since April 7. These inflows typically indicate potential selling pressure as prices reach new highs.

However, the 30-day moving average of Binance netflows shows -1,318 BTC. These negative values indicate sustained withdrawal patterns similar to those last seen in January 2023.

The adjusted Spent Output Profit Ratio shows investors have been selling at profits. Its 7-day moving average reads above 1.0 but remains below March and November 2024 peaks.

Current market conditions suggest Bitcoin may have room for further expansion before encountering major resistance. Long-term holder behavior indicates confidence in continued price growth.

Bitcoin currently trades at $110,800, representing a 3% gain over the past 24 hours.