Bitcoin has reached all-time highs against local currencies in several countries across Asia and South America, following a significant 7% surge in its price. On May 21, Bitcoin soared to an intraday and six-week high of $71,650, marking a notable increase within a 24-hour period. According to CoinGecko, this surge puts Bitcoin within a 3.4% range of its all-time high in USD terms, recorded on March 14, at $73,738.
Bitcoin Sets New Highs Against Various Fiat Currencies
The recent surge in Bitcoin’s price has led to new record highs against several fiat currencies:
Japan: Bitcoin hit an all-time high of 11.2 million yen during early trading on May 21, marking the first time it has surpassed the 11 million JPY threshold. The Japanese yen has been weakening against the U.S. dollar, depreciating by 10% since the start of the year.
Argentina: Bitcoin reached a peak value of 63.8 million Argentine pesos (ARS) on May 21, slightly surpassing the highs seen in mid-March. Argentina continues to grapple with high inflation, currently at a staggering 290%, along with ongoing currency devaluation.
Philippines: Bitcoin briefly reached a record high of 4.18 million pesos (PHP) on May 21, surpassing the mid-March highs.
Similar trends were observed in other countries, including Britain, Australia, Canada, Chile, Colombia, Egypt, Norway, India, South Korea, Taiwan, and Turkey, as noted by industry observer Thomas Fahrer on X.
Bitcoin Short Squeeze on the Horizon?
Crypto analyst Willy Woo highlighted the liquidation of a month's worth of Bitcoin short positions, suggesting the possibility of a short-squeeze that could push Bitcoin beyond its all-time highs. Coinglass reported that within the past 24 hours, 79,010 traders were liquidated, with total crypto liquidations amounting to $345 million, of which 78.5% were short positions.
Markus Thielen, the head of research at 10x Research, previously predicted that a breakthrough above $67,500 could potentially lead to new all-time highs. Currently, Bitcoin is trading at $70,945, just $2,500 away from reaching a new all-time high in U.S. dollars.
In addition to 10x Research, other analysts have also turned bullish on Bitcoin following a period of consolidation. Leading trading firm QCP Capital has expressed optimism about Bitcoin’s price momentum, forecasting a potential return to the highs of $74,000. In a recent note, the firm mentioned substantial buyers acquiring 100,000 to 120,000 BTC Calls for December 2024, indicating confidence in the cryptocurrency's upward movement.
"US CPI numbers triggered a breakout of the range across risk assets. BTC has since traded back above 66k," the firm wrote.
The continued bullish sentiment and market activity suggest that Bitcoin may soon achieve new record highs, driven by strong demand and positive market conditions.
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“