Throughout the day, bitcoin tapped fresh highs multiple times, with the latest peak hitting $110,730 per unit. At that point, BTC appeared to settle, hovering just below the $110,000 level at 8:58 p.m.. The top digital asset has soared 47.82% since bottoming out at $74,434 on April 6—an upswing of over $35,000 into the current range.
BTC/USD 1-hour chart on May 21, 2025, following the 7:15 p.m. all-time high of $110,730 per unit.
Bitstamp logged the $110,730 milestone at exactly 7:15 p.m. Eastern on May 21. Bitfinex analysts credited the rally to steady, organic buying pressure in the spot market. “This move has initially been a squeeze—since we moved up on short liquidations and the first break can be reversed on lower timeframes,” analysts at Bitfinex told our newsdesk.
The market strategists added:
However when we refer to our rally from 75k until now, it’s driven by clean spot demand, ETF inflows, and a macro backdrop that continues to favour risk-on assets. The recent geopolitical de-escalation (Russia–Ukraine), dovish undertones from global central banks, and softening inflation prints have all created an ideal environment for bitcoin to act as a macro momentum asset.
Bitcoin’s surge reflects its deepening integration into mainstream finance, fueled by structural shifts like institutional exchange-traded fund (ETF) participation and macroeconomic recalibration. The rally’s foundation in spot demand—rather than leveraged speculation—hints at enduring confidence, though vulnerabilities persist. As global liquidity conditions evolve, bitcoin’s dual identity as a risk asset and inflation hedge faces tests, balancing speculative fervor with its nascent role in diversified portfolios.
“From here, the next zones to watch are $114K–$118K (minor liquidity walls) and then $123K–$125K, where large options open interest is building,” the Bitfinex analysts concluded in their note on Wednesday. “As long as ETF flows hold and macro doesn’t deliver a shock, this rally has room to extend. Pullbacks should be seen as entry opportunities—not signs of reversal.”
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