Bitcoin Surges 3.49% to $110,979.67 in 24 Hours

Bitcoin reached an all-time high of $111,861 on May 22, 2025, showcasing a remarkable ascent in its value. At the time of reporting, the cryptocurrency was trading at $110,979.67, indicating a 3.49% increase over the past 24 hours. This surge is part of a broader upward trend, with Bitcoin gaining 8.61% over the past week and 22.86% over the past month.

The technical indicators for Bitcoin are overwhelmingly bullish. The Moving Average Convergence Divergence (MACD) signals a market rise, indicating an upward trend. The Relative Strength Index (RSI) is above 77, which typically suggests that Bitcoin is overbought. However, given the current bullish momentum, Bitcoin often sustains such levels during price surges. Both the 50-day and 200-day exponential moving averages are below the current price, further supporting the uptrend. The market is now watching to see if Bitcoin can break through the $120,000 mark, having found support at $110,000.

The recent price surge is also notable as it coincides with Bitcoin Pizza Day, commemorating the first real-world transaction using Bitcoin. In 2010, Laszlo Hanyecz paid 10,000 BTC for two pizzas, a transaction that would cost over $1.1 billion at today's prices, underscoring the dramatic increase in Bitcoin's value.

The global money supply growth has been a significant driver of Bitcoin's recent boom. As more people hold cash, the demand for Bitcoin as an inflation hedge has increased, attracting both individual and institutional investors. The halving event in April, which reduced the annual supply of bitcoins, has also contributed to the price surge. This event, occurring every four years, typically leads to a reduction in supply and an increase in price due to heightened demand.

Institutional adoption of Bitcoin has accelerated, particularly through Exchange-Traded Funds (ETFs). This has made it easier for mainstream investors to participate in the market, further driving demand. With supply constrained and demand high, Bitcoin is poised for continued growth. Technical analysts are advising investors to monitor key resistance levels at $116,000, $126,000, $136,000, and $148,000, as Bitcoin could rapidly achieve these targets if the current momentum persists.