Bitcoin Tops $111K, on Brink of Breaking Record High; Ether’s 6% Jump Leads Major Cryptos

Bitcoin

broke out of its recent very tight trading range during U.S. Wednesday afternoon hours, threatening to topple its May record of $112,000.

The move came amid a broader crypto rally that also saw Ethereum’s ether

surge 6% above $2,700, its highest level in a month. Bitcoin itself was ahead 2.4% at $111,400 at press time.

For BTC, the $110,000 level has been a significant barrier over the past weeks with investors taking profits each time the price neared that level.

Still, market watchers noted that the slow, quiet buildup could be a bullish setup.

“Crypto feels so quiet, [while] bitcoin is ready to move,” wrote Charlie Morris, chief investment officer at ByteTree, in a report.

Morris pointed out that bitcoin’s volatility has steadily declined, a pattern that historically preceded large upward moves.

Bitcoin 90-day and 360-day volatility (ByteTree)

“The setup for the next one is looking good,” he said. “As I keep on saying, the quiet bulls are the best.”