---
title: "Is $110,000 just around the corner? Bitcoin hits a historic high for the second consecutive day"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/222602185.md"
description: "Bitcoin hit a historic high for the second consecutive day, with traders focusing on the $110,000 price level. On Tuesday, Bitcoin rose 2.1% to reach $108,315, before retreating to $106,000. This year, Bitcoin has surged over 150%, with traders betting on further increases in the options market. The cryptocurrency market continues to rise due to institutional recognition, and a more favorable regulatory environment is expected"
datetime: "2024-12-17T22:21:04.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/222602185.md)
  - [en](https://longbridge.com/en/news/222602185.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/222602185.md)
---

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# Is $110,000 just around the corner? Bitcoin hits a historic high for the second consecutive day

According to Zhitong Finance APP, Bitcoin has set a historical high for the second consecutive day, with traders focusing on the $110,000 price level.

On Tuesday, Bitcoin rose by 2.1% to reach $108,315, before retreating to around $106,000 earlier in the day. This year, Bitcoin has surged over 150%, with traders betting on further increases in the options market.

![1.png](https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20241218/1734471748412302.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg)

Shiliang Tang, president of cryptocurrency trading firm Arbelos Markets, stated, "We are seeing buyers of call options with expirations in January at $110,000 to $120,000 and $110,000 to $125,000, as well as bullish call options from $100,000/$105,000 to above $120,000."

Less than two weeks ago, Bitcoin broke the $100,000 mark after President-elect Donald Trump announced plans to nominate cryptocurrency supporter Paul Atkins as chairman of the U.S. Securities and Exchange Commission. The price of Bitcoin has continued to rise as cryptocurrencies and crypto-related companies gain more institutional recognition.

Tang noted, "Since the announcement last weekend that MSTR would be included in the Nasdaq 100 index and MicroStrategy (MSTR.US) continues to purchase Bitcoin in the open market, capital flows have largely facilitated Bitcoin's dominance, pushing it to a historical high and attracting more capital from the market."

Since Trump's election victory, the cryptocurrency market has seen significant gains, as the industry anticipates a more favorable regulatory environment, and Trump will take office next year, which could sustain these positive factors.

James Butterfill, head of research at CoinShares, stated, "The price increase is driven by the U.S. election windfall, the prospect of the U.S. adopting Bitcoin as a strategic reserve asset by 2025 (with a probability of only 27% according to Polymarket), geopolitical instability, and loose monetary policy—these factors may continue to provide support in 2025."

Other macroeconomic factors, such as the upcoming interest rate decision to be announced on Wednesday, have also influenced Bitcoin's recent price movements.

Chris Newhouse, research director at Cumberland Labs, remarked that considering these factors, the market seems to be entering a new phase of Bitcoin price discovery.

Newhouse stated, "We observe that funding rates are relatively neutral, and derivative positions indicate some hesitation at new highs. While it is difficult to say how quickly new catalysts—such as more structured regulation, stable compliance frameworks, or even official government holdings—will be priced in, the stage for reassessing the long-term potential of cryptocurrencies has arrived, far exceeding the recent rebound."

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