Bitcoin Surges 1.4% to New All-Time High of $113,600

Bitcoin (BTC), the leading cryptocurrency, has experienced a remarkable surge, marking its second consecutive day of reaching new all-time highs. Just under 24 hours ago, the digital asset achieved a significant milestone by hitting $112,000 after nearly two months of stagnant price movement. However, on Thursday, Bitcoin soared even higher, reaching an impressive new record of $113,600. This latest uptick has ignited a wave of bullish sentiment, reflecting renewed optimism in the market.

The recent gains in Bitcoin’s value come amidst a broader rally in the financial markets. Major tech stocks, including Nvidia, have surged as investors appear to be overlooking concerns related to US tariffs. In addition to Bitcoin’s remarkable performance, other cryptocurrencies have also seen positive movement over the past day. Ethereum (ETH) rose by 6.6%, Solana (SOL) gained 3.4%, and XRP added 4.6%.

In a greater display of appetite for even higher prices for the cryptocurrency, Bitcoin options traders are now setting their sights on even higher price targets as the cryptocurrency extends its record-breaking rally. With Bitcoin surpassing the $113,000 mark on Thursday, open interest—the number of outstanding contracts—on the Deribit exchange has shifted, focusing on call options with strike prices of $115,000 and $120,000. Furthermore, longer-term options set to expire in late September and December have shown increased open interest at $140,000 and $150,000, signaling that traders are optimistic about Bitcoin’s future performance.

It remains to be seen whether the current momentum can be sustained by increased buying demand or if investors’ profit-taking behavior could cause BTC to correct to lower levels and establish a new support level for near-term future movements. The daily chart shows BTC reaching a new record peak.