Bitcoin Sets New All-Time High Above $116.5K, Fueled by Institutional Demand

• Bitcoin has smashed a new all-time high and is now consolidating its gains at the $116,500 level
• The rally is fueled by deep institutional conviction, including a massive $340 million leveraged long bet
• This is backed by a historic supply squeeze, with BTC inflows to exchanges at their lowest since 2015

Bitcoin is establishing a new foothold at a record all-time high, trading in a tight range around $116,500 on Friday morning. This period of consolidation comes after a powerful rally that set a new peak and suggests the market is now gathering strength for its next major move.

The world’s largest cryptocurrency has shown remarkable strength, with its market capitalization now firmly holding above that of the tech giant Alphabet (Google).

The New Trading Range: Consolidating at the Top

After surging to its new all-time high, Bitcoin’s price is not seeing a sharp rejection. Instead, it is building a new support base in the $116,500 to $116,600 range. 

This type of consolidation at a new peak is viewed by many technical analysts as a very bullish sign, as it indicates that new buyers are absorbing the profit-taking from earlier investors and are creatin…

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