All Time High! Bitcoin (BTC) Price Smashes Through $109,000 As Traders Eye $300,000 Target

TLDR

Bitcoin hit a new all-time high above $109,000 on Wednesday, up nearly 25% over the last month Price surge follows favorable macroeconomic conditions and Trump’s retreat from global trade war Options traders are betting on Bitcoin reaching $300,000 by June Bitcoin ETFs saw nearly $1 billion in inflows this week Bitcoin previously fell to $75,000 in April before recovering

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Bitcoin has reached a new all-time high above $109,000 on Wednesday. This latest surge continues the upward momentum that has defined the cryptocurrency market in recent weeks.

The largest cryptocurrency by market capitalization reached $109,500 before cooling slightly, trading at $109,378 on Coinbase. This represents a 4.5% increase over the past 24 hours and pushes Bitcoin up nearly 25% over the last month.

The price movement comes four months after Bitcoin’s previous record of $108,786 set in late January, according to CoinGecko data.

This latest rally follows several months of volatility. Bitcoin had previously plunged below $75,000 in early April amid concerns about U.S. President Donald Trump’s global trade war and economic policies.

Market sentiment has shifted more positive in recent weeks. Trump’s partial retreat from tariffs on major trading partners and encouraging inflation reports have led investors back into risk-on assets.

Bitcoin
BTC Price

What’s Driving the Rally

The cryptocurrency has benefited from being viewed as a hedge against macroeconomic uncertainties that could potentially undermine the value of the U.S. dollar.

Joe DiPasquale, CEO of crypto asset manager BitBull Capital, noted that Bitcoin is “pushing toward new highs with strong tailwinds behind it—from steady ETF inflows to a broader shift in political tone.”

DiPasquale doesn’t see this as a short-term squeeze but rather “a more sustained bid that reflects a structural shift in how investors are viewing Bitcoin.”

Bitcoin ETFs have seen strong demand, with nearly $1 billion worth of inflows this week after just two trading days, according to data from Farside Investors.

Publicly traded companies like Strategy and Metaplanet continue to acquire Bitcoin for their corporate treasuries, further driving demand.

Traders Betting on Higher Prices

Options data reveals that traders are increasingly placing bets on Bitcoin reaching $300,000 by June. This would push Bitcoin’s market capitalization above $6 trillion.

The $300,000 call option is reportedly the second most popular on the Deribit exchange, behind only the $110,000 strike price.

Technical indicators also point to continued strength. The Relative Strength Index (RSI) remains above the overbought range in the daily time frame, with its average trendline acting as support.

The Simple Moving Average (SMA) provides strong support to the Bitcoin price chart in the daily timeframe, suggesting the cryptocurrency may continue gaining momentum this week.

Other cryptocurrencies are also showing strong performance. Ethereum and Solana are both up around 4%, while Dogecoin is outpacing Bitcoin with a 6% gain, and Cardano is up 5%.

Bitcoin’s market capitalization has now increased to $2.16 trillion, with a 24-hour trading volume of $59.71 billion.

If market conditions remain favorable for bulls, Bitcoin could potentially reach the $112,500 range in the near term. Some analysts suggest a push toward $120,000 is possible in the coming months.

However, increased liquidation in the crypto market could pull Bitcoin back toward the $107,000 level or potentially its lower support at $105,000.

Bitcoin’s latest price milestone comes as government entities increase their indirect exposure to the cryptocurrency. Standard Chartered’s global head of digital assets research, Geoff Kendrick, believes Bitcoin remains on track to hit $500,000 before the end of Trump’s current term.

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