Bitcoin surged to a record high closing price of about $106,855 in New York yesterday and continued its upward momentum in the Asian session. As the London market opened, Bitcoin traded near $107,500, just under $2,000 from its all-time peak.
This strong rally has attracted interest from trend and momentum traders. Bitcoin trading is widely accessible today through spot markets, micro futures, and several ETFs. Market watchers are closely monitoring whether Bitcoin will break through the key $110,000 resistance level soon.
Meanwhile, the US Dollar fell to a two-week low, pressured by the failure of President Trump’s tax bill in Congress and a perceived push for a weaker dollar at the ongoing G7 summit in Canada.
In the Forex market, the Swiss Franc emerged as the strongest major currency since the Tokyo open, while the Canadian Dollar remained the weakest. The British Pound showed strength against the US Dollar, drawing attention to the GBP/USD pair.
Investors are also awaiting UK Consumer Price Index (CPI) data expected to rise from 2.6% to 3.3% annually, which could influence currency markets.
Canadian CPI data released yesterday showed a 0.1% monthly decline, though trimmed and median annual rates were higher than expected.
Institutional demand and regulatory progress continue to support Bitcoin’s rally. Spot Bitcoin ETFs saw a net inflow of $667 million on Monday alone, contributing to a total of $3.3 billion in May.
Large holders like Strategy (formerly MicroStrategy) have increased Bitcoin reserves, signaling growing confidence in the asset. Analysts predict Bitcoin could reach between $130,000 and $200,000 by the end of 2025 if current trends persist.
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