Bitcoin Hits New All-Time High of $118,856 Driven by 20% Surge in U.S. Demand

Bitcoin's recent price surge has captivated the cryptocurrency market, with key players speculating on the driving forces behind the asset’s ascent to an unprecedented high of $118,856. Crypto analyst Burakkesmeci has brought clarity to the discussion, revealing that the surge can be attributed to a notable increase in demand from strong U.S. buyers. This new all-time high surpasses the previous record of $111,970 set on May 22, marking a 5.95% increase in price value sustained over the past week and a 20% surge since January 2025. This development suggests renewed optimism among key market players and hints at a possible continuation of the bullish uptrend.

The ongoing trend and the market players behind it have been closely observed by Burakkesmeci, who noted a 42-point increase in the premium gap on Coinbase. This gap, recorded amidst Bitcoin’s rise to the newly attained levels, indicates a rise in demand for the asset. Buyers on the exchange paid $42 more per Bitcoin than buyers on the Binance exchange, illustrating heightened demand from U.S.-based Bitcoin investors. It is worth noting that in the previous week, the gap recorded between traders on Coinbase and Binance was even higher, peaking at $87.76, signaling even stronger buying pressure. The premium gap on Coinbase is a metric used to gauge the interest level of U.S. investors, with a positive premium indicating growth in institutional or retail interest in Bitcoin.

Despite Bitcoin’s run to a new all-time high, demand has remained strong, suggesting that the bulls might still be gearing up for another upward rally. This sustained demand hints at a continued bullish trend, with market players optimistic about the future of the cryptocurrency. The recent surge in price and the increased demand from U.S. buyers have further fueled the optimism, with analysts predicting a possible continuation of the bullish uptrend. The market's response to the new all-time high and the sustained demand from U.S. buyers indicate a strong bullish sentiment, with key players speculating on the potential for further price increases.