Bitcoin reached $110K milestone

Bitcoin (CRYPTO:BTC) has reached a new milestone, surpassing $110,000 for the first time, driven by increasing institutional adoption and bullish market sentiment.

Recent Bitcoin ETF approvals have further boosted investor confidence, providing an accessible entry point for traditional market participants.

Data from Glassnode shows a steady decline in Bitcoin reserves on exchanges, indicating strong accumulation and reduced selling pressure.

“The 14-day Choppiness Index is in an early zone showing corrective moves during consolidation,” contributor Percival wrote in one of its Quicktake blog posts.

The network’s hash rate also hit a record high, reflecting growing confidence in Bitcoin’s long-term security and sustainability.

“One thing to take into account is the time factor of consolidation, in the 2020/2021 cycles there were 20 days of downtime and in the consolidation since March the average decline was ~20 days,” Percival continued.

MicroStrategy recently announced an additional $500 million Bitcoin purchase, further affirming institutional faith in the asset’s potential.

Meanwhile, major banks like JPMorgan and Fidelity have expanded their Bitcoin-related services, offering clients exposure to the leading cryptocurrency.

The surge comes amid broader adoption of Bitcoin as legal tender and reserve assets in various regions, adding to its global appeal.

Despite the bullish momentum, analysts caution about potential market corrections, noting that Bitcoin’s volatility remains a key factor for investors.

Bitcoin’s recent performance has sparked renewed discussions about its potential to reach $150,000 or higher in the coming years.

At the time of reporting, Bitcoin (BTC) price was $108,772.00