Bitcoin hits new all-time high as risk assets rebound from April lows

Bitcoin surged to a new all-time high of around $109,400 Wednesday morning, continuing its rebound alongside broader risk assets after hitting a recent low of $76,320 on April 8 — the same day equities bottomed amid fears of a U.S.-initiated tariff war.

The previous record for the world’s largest cryptocurrency was roughly $109,358, set in January on Coinbase as President Donald Trump returned to the White House.

At publication time, bitcoin was trading at $108,777, up nearly 4% in the past 24 hours, according to The Block's BTC price data . The cryptocurrency crossed back above $100,000 on May 8 for the first time since Feb. 4.

Jag Kooner, Head of Derivatives at Bitfinex, said the new high arrived following "a near-flawless setup" backed by geopolitical de-escalation, improved regulatory ambience, and macro tailwinds.

He stated that the Russia-Ukraine ceasefire conversation, coupled with U.S. stablecoin legislation and the tariff pause, bolstered bitcoin’s upward trajectory. Kooner added that technical indicators signaled more upside if BTC can hold its current levels, with neutral funding rates.

"A decisive close above $107K–$108K on daily timeframes could ignite a move toward $114K–$120K for our ATH push, with options markets pricing in elevated breakout probabilities in the next 2-4 weeks," Kooner said.

Yet, Kooner noted that downside risks remain evident as "volatility compression is extreme." He argued that one macro or regulatory headline could spark a BTC impulse move in either direction.

Bitcoin and other digital assets have increasingly decoupled from equities during recent volatility, as investors reevaluated exposure to U.S. markets amid global trade uncertainty. Standard Chartered predicted a new high in the second quarter, citing asset reallocation trends.

"A number of indicators support our view that Bitcoin is headed for the next leg higher," Geoffrey Kendrick, Standard Chartered's global head of digital assets research, said in an April 28 report . "U.S. Treasury term premium (which has a close correlation to BTC) is at a 12-year high. Time-of-day analysis suggests that U.S.-based investors may be seeking non-U.S. assets. Meanwhile, Bitcoin accumulation by 'whales' (major holders) has been strong."

Kendrick maintains a $200,000 year-end 2025 target for bitcoin. Meanwhile, Binance founder Changpeng Zhao has gone further , saying bitcoin could surge to between $500,000 and $1 million during this market cycle.

K33 analysts recently declared a " hold in May and stay " mantra for the bitcoin market, suggesting that 2025 will defy typical summer slowdowns.

"While Trump's overall market impact is an annoyance, one has to accept the market for what it is," K33 Head of Research Vetle Lunde and Senior Analyst David Zimmerman said in a May 7 report. "Right now, it is a broad Trump trade; his moves impact risk tolerance and skew forward expectations. Onwards, crypto is about to face multiple Trump-driven positive developments, whereas equities may face a tariff repeat — setting the stage for relative bitcoin strength in the months ahead."

CryptoQuant CEO Ki Young Ju reversed his previously bearish outlook, admitting he was "wrong" for thinking the bitcoin bull cycle was over two months ago.

"In the past, profit-taking cycles were triggered when whales cashed out at the peak, leading to a chain reaction of sell-offs and a price drop," Ju wrote May 9 in a post on X. "However, It feels like it’s time to throw out that cycle theory. New liquidity sources and volume are becoming more uncertain, signaling a transition as the Bitcoin market merges with TradFi."

Still, a potential obstacle looms in Washington if Congress " fumbles the ball " on legislation. On May 8, U.S. senators voted to stall progress on a stablecoin bill, as concerns grow over Trump’s expanding role in the crypto space.

"To move crypto forward, we need Congress to pass legislation enshrining crypto's progress in law," Bitwise CIO Matt Hougan wrote on May 6. "Congress passing at least one crypto bill would show that Democrats and Republicans can align on crypto and make it more difficult for future regimes to undo progress."

If bitcoin’s May performance spills into June, it could confirm BTC's seasonal patterns. Historically, the second quarter has been a bullish period for bitcoin. Bitcoin is up 28% so far this quarter, its fifth-best returns since 2013.