Bitcoin BTC/USD extended its bullish streak today, breaking above $111,000 for the first time and marking a new all-time high. The rally comes amid a wave of institutional inflows, renewed sovereign interest, and a rare alignment of regulatory momentum in the U.S. 

From an open near $109,700; Bitcoin touched $111,900 intraday—up roughly 4% on the day and 7% on the week. Aggregate open interest in futures markets hit a record $74.3 billion, pointing to leveraged bets on continued upside.

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Bitcoin’s 50-day moving average has crossed above the 200-day, forming a golden cross, a precursor to sustained bullish trends. The 14-day RSI sits at 62, indicating momentum is strong but not yet overheated.

Spot volume over the last 24 hours reached $90.7 billion, up 12% from the prior day. Short positions totaling $1.2 billion between $107,000 and $108,000 are now vulnerable, creating the potential for a short squeeze that could accelerate a move toward $115,000.

U.S. spot Bitcoin exchange-traded funds have pulled in $2.8 billion in net inflows in May so far. According to Farside data, May 19 alone saw $667 million, led by BlackRock’s iShares Bitcoin Trust IBIT and Fidelity Wise Origin Bitcoin Fund FBTC. The wave of ETF activity has coincided with a surge in on-chain realized cap, which rose by $3 billion on the day, pointing to renewed conviction from long-term holders.

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Wallets holding large balances added roughly 83,000 BTC over the past month. El Salvador’s President, Nayib Bukele, announced the country’s Bitcoin stash has reached $678 million in unrealized gains—a 124% increase from its original cost basis. Texas passed Senate Bill 21, paving the way for a state-run Bitcoin reserve, pending Governor Greg Abbott’s signature.

Senator Cynthia Lummis (R-WY) endorsed the GENIUS Act, which proposes shifting a portion of the U.S. Treasury’s gold reserves into Bitcoin over five years. She called it a strategic step toward cementing U.S. leadership in digital assets.

A decisive close above $112,000 could open a path to $120,000 by mid-June, especially if ETF flows and macro tailwinds hold. A breakdown below $108,000 would increase the risk of near-term profit-taking. Traders are positioning for continued volatility as Bitcoin enters price discovery. While still early, the combined momentum at the state and federal levels marks a notable shift in sentiment toward broader Bitcoin adoption.

Ethereum ETH/USD and Solana SOL/USD are expected to benefit from a rotation once Bitcoin consolidates. Analyst Mena Theodorou notes that liquidity “tends to concentrate in BTC during breakouts.” According to eToro’s Reece Hobson, altcoin rally likely needs more monetary easing and a Bitcoin dominance closer to 70%. BTC dominance currently stands at 61%.

Bitcoin is commanding center stage. Sentiment remains broadly bullish, but eyes are on the $110,000 level as a key support. Traders continue to track ETF flows, regulatory headlines, and macro catalysts to see if the rally has further room to run—or if a cooldown is imminent.

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