Bitcoin breaks $109k ATH to enter price discovery once again

Bitcoin (BTC) surged to a high of $109,476 in the first two hours of the New York trading session, to break its all-time high of $109,353 set in January.

The latest rally into price discovery comes amid strong institutional investments, favorable regulatory developments, and increased market activity in recent weeks.

Based on CryptoSlate data, Bitcoin was trading at $109,2460 as of press time, up 4.3% over the past 24 hours.

The rally follows fresh accumulation by Strategy (formerly MicroStrategy), which now holds over 576,000 BTC, roughly 2.7% of the total supply. It also follows increasing interest from sovereign entities gaining indirect exposure through public equities, particularly via Strategy shares.

The US Senate’s advancement of the bipartisan GENIUS Act, focusing on stablecoin regulation, has bolstered market sentiment. Additionally, President Donald Trump’s executive order establishing a Strategic Bitcoin Reserve in January signals strong governmental support for digital assets.

Bitcoin’s 24-hour trading volume reached $50.84 billion, with a market capitalization of $2.13 trillion. Futures market activity has also intensified, with open interest hitting an all-time high of $76.20 billion on May 21, indicating heightened investor engagement.

Standard Chartered believes the current environment is poised to push Bitcoin to a new high of $120,000 in the second quarter and potentially $200,000 by year-end, citing increased institutional adoption and favorable market conditions.

As Bitcoin continues its upward trajectory, market participants are closely monitoring its performance, anticipating potential new all-time highs in the near future.

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