In addition, trading activity in the options market also shows bullish signals. According to data from Deribit platform, among the Bitcoin call options expired on June 27, the open positions remain high in contracts with strike prices of US$110,000, US$120,000 and even as high as US$300,000.
Bitcoin rose to $110,707 on Thursday, an increase of 2.2%, and then slightly fell. The previous all-time high came in January this year, when the price was once close to $107,000.
Joshua Lim, co-head of global markets at cryptocurrency trading platform FalconX, said that many small and medium-sized market-capital companies and listed companies newly established by crypto industry giants are buying Bitcoin through financing methods such as issuing convertible bonds and preferred shares.
Market insiders pointed out that as the US Senate advances stablecoin legislation, the outlook for crypto asset supervision has improved, becoming an important benefit to push up the market. In addition, MicroStrategy, which holds more than $50 billion in Bitcoin, continues to buy with other digital asset companies, which also promotes the upward trend.
Bitcoin price rose above the $110,000 (about S$141,768) mark in early Asian session on Thursday (May 22), setting a record high. Investors bet that the US cryptocurrency regulatory policy is becoming increasingly clear, and institutions continue to enter the market, further boosting market sentiment.
IG market strategist Tony Sycamore pointed out that this breakthrough shows that Bitcoin’s pullback since the beginning of the year is a “healthy adjustment in the bull market.” He predicts that if the price can remain firmly above $110,000, Bitcoin will be expected to further rise to $125,000.