Bitcoin hits new record high! What’s next?

• Today, Bitcoin briefly spiked above $111,900 for the first time ever
   
• Bitcoin's market cap almost US$2.2 trillion; bigger than Amazon's US$2.14 trillion market cap
   
• Bitcoin soaring on US stablecoin bill optimism, recent risk-on sentiment
   
• “Golden cross” could send another bullish signal to traders
   
• Options market show large bets on $120k - $300k BTC by June 27th

 

Bitcoin set a new record high today – within a whisker of the psychological $112,000 mark.

At the time of writing, the $111,917.60 price remains Bitcoin's current record high … for now.

To be certain, even yesterday’s (Wednesday, May 21st) intraday high of $109,886.04 was already enough to surpass the previous all-time high of $109,461.18 on January 20th – President Trump’s inauguration day.

The total value of Bitcoin is now nearly US$2.2 trillion, which is now greater than Amazon's market cap of US$2.14 trillion!

 

Why is Bitcoin soaring? 

1) Risk-on sentiment 

Bitcoin has certainly benefitted from the recent bout of risk-on sentiment, which also helped other risk assets including US stocks stage a stunning rebound since mid-April.

 

2) Stablecoin bill optimism

Last Monday (May 19th), a proposed bill on stablecoins  - known as the GENIUS Act - overcame a procedural challenge in the US Senate.

A vote on this new legislation set to happen this week.

Crypto fans are optimistic that more regulation on stablecoins should lead to greater mainstream adoption (read: demand) of cryptocurrencies.

Signs of greater demand had already been evident of late:

• Strategy – formerly known as MicroStrategy – has already stashed over US$50 billion worth of Bitcoin.
   
• Twenty One Capital is looking to replicate Strategy’s modus operandi of stockpiling Bitcoin, and is working with the likes of Tether and Softbank to achieve that goal.
   
• Bitcoin exchange-traded funds (ETFs) in the US have already drawn in about US$4.2 billion in inflows from investors so far this month (May 2025), with assets totalling US$ 165 billion (as of May 19th, 2025).

 

Bitcoin: Where to next?

Of course, it’s anyone’s guess how high, or low, Bitcoin prices could go, also depending on the timeframe.

But here are a couple of clues:

1) Bullish “golden cross”?

Bitcoin’s 50-day simple moving average (SMA) is on the cusp of crossing above its 200-day counterpart.

At the time of writing:

• 50-day SMA = $93356.96
   
• 200-day SMA = $93370.96

When an asset’s 50-day SMA crosses above its 200-day SMA, that technical pattern is known as a “golden cross”.

A “golden cross” often signals that prices are about to move sustainably higher.

 

2) Options market bets on $300k Bitcoin by June 27th

At the time of writing, data from Deribit – a major crypto options exchange – shows these amounts of open interest on key strike prices, expiring June 27th:

• $120k Bitcoin = $563.5 million
   
• $300k Bitcoin = $618.95 million

While hardly prescient, such bets reflect the bullish sentiment surrounding Bitcoin for the upcoming month.

 

 

Bitcoin, and other cryptos, may punch even higher if the stablecoin legislation is approved in the US Senate, though much of that optimism appears already been priced in.

However, if for some reason the stablecoin bill stumbles, that may force a knee-jerk pullback in Bitcoin towards the $100k - $105k region for immediate support.

 

Bitcoin set for new record highs

Legal experts believe that, once the bill clears the Senate, it could become law in June/July after it passes through the House.

If this results in sustained crypto demand from both institutional and retail investors, provided that appetite for riskier assets remains intact ...

Such tailwinds are bound to keep pushing Bitcoin to greater heights to never-before-seen prices.

 

 

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