Bitcoin hits new all-time high above $109,800, eyes $120,000

Bitcoin (BTC) registered a new all-time high above $109,800 on Wednesday, breaking past its previous record of $109,588, according to data from crypto exchange Binance.

BTC’s march to the new milestone above $109,800 marks a 47% rise from a low just below $75,000 on April 7. This is also the second time BTC reached a new all-time high in 2025.

The top cryptocurrency faced intense bearish pressure between January and early April after US President Donald Trump began talks of slapping tariffs on several international trading partners. Just after establishing a high of $109,588 on January 20, Bitcoin crashed more than 30% to under $75,000 before picking up pace in mid-April, following the US reaching trading agreements with several nations.

The rise was also partly fueled by intense buying pressure from US spot Bitcoin ETF investors who have triggered net inflows of $7.4 billion in the past five weeks. The products recorded net inflows of $329.02 million on Tuesday. In addition, financial intelligence firm Strategy has also been expanding its Bitcoin playbook, stretching its BTC treasury holdings to 576,230 BTC last week — 2.74% of the total Bitcoin supply.

The entire crypto market is showing bullish signs following BTC’s new high, with the positive sentiment also lifting top altcoins Ethereum, XRP and Solana.

Bitcoin eyes $120,000 after smashing previous all-time high

Bitcoin broke above $106,000 on Monday before finding support near $105,200. At the time of writing on Wednesday, it rallied and broke above its all-time high of $109,588 set on January 20.

If BTC continues its upward trend into uncharted territory, it could extend the rally toward its next major psychological milestone at $120,000.

The Relative Strength Index (RSI) and Stochastic Oscillator are in their overbought regions, indicating strong bullish momentum. However, traders should be cautious as the chances of a pullback are high due to its overbought condition.

The 50-day Simple Moving Average (SMA) is on the verge of crossing above its 200-day SMA, signaling a potential golden cross on the daily chart. If the crossover occurs, it would confirm another buy signal.

BTC/USDT daily chart

However, if BTC faces a pullback and closes below $105,000, it could extend the decline to retest the support near its psychological level at $100,000.

(This story was updated to add details about Bitcoin's new all-time high and US spot BTC ETF investors)