Bitcoin Price Surges to $111,800
Bitcoin (BTC) reached a new all-time high of $111,800 today, marking the second consecutive day of record-breaking prices. This significant surge is attributed to a confluence of factors, including the celebratory Bitcoin Pizza Day, substantial whale activity, and a positive volume delta.
Bitcoin Pizza Day and Market Sentiment
The annual Bitcoin Pizza Day, commemorating the first real-world Bitcoin transaction, contributed to the overall bullish sentiment. This symbolic event, combined with strong market fundamentals, boosted investor confidence and increased buying pressure.
At the time of writing, Bitcoin is trading at $111,557, up 1.6% in the last 24 hours. All key long-term timeframes show positive trends, with the most significant gains observed over 30 days (19.3%) and 1 year (61.4%).
Whale Transactions Drive Price Discovery
Data from IntoTheBlock reveals a dramatic spike in large Bitcoin transactions on May 13th, exceeding $76 billion. This nearly doubled the amount recorded just three days earlier (May 10th), signaling significant institutional involvement. These large transactions, each involving $100,000 or more in BTC, indicate accelerating institutional accumulation and price discovery.
Positive Volume Delta: A Sign of Broad Market Participation
The volume delta, reflecting the balance between buying and selling pressure, has also shifted decisively bullish. Over the past six trading sessions, net positive demand was observed on four occasions, including a strong 2,770 BTC bar on Thursday. This suggests sustained buying pressure not only from institutional investors but also from retail participants.
The rapid price increase from $94,000 to $111,430 in just 10 days (an 18.5% gain), with consistently high daily closes, further validates this widespread market interest. The recent breakout above the $103,500 level now serves as dynamic support.
Bitcoin Price Forecast: Targeting $120,000
Technical analysis suggests a continuation of the uptrend. The Bollinger Bands have significantly expanded since the price crossed $103,000, and current volatility shows no signs of exhaustion. Analysts are increasingly pointing towards $120,000 as the next significant resistance level.
While a short-term correction towards $103,000 is possible, continued whale accumulation during any dips could strengthen the case for a retest of $120,000 in the coming week.
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