Bitcoin Records New Daily Close High, $110K Level Gains Attention from Investors

Bitcoin Hits Record Daily Close Near $107K, Eyes $110K Resistance Level

Bitcoin set a new benchmark for daily closing prices on Tuesday, ending the day at $106,830 UTC, marking the highest close ever recorded, per TradingView data. Market participants are now closely watching the $110,000 price point, which could be a key battleground for Bitcoin’s next price move.

While Bitcoin trades around the clock, daily candle closes remain crucial indicators for traders and investors gauging momentum and trend strength. This recent rally was fueled by heavy inflows into spot Bitcoin ETFs amidst turbulent bond markets, where concerns over the growing fiscal deficits of major economies—particularly the U.S.—have spurred a flight to alternative assets.

Experts speaking with CoinDesk suggest that worsening debt dynamics may enhance Bitcoin’s appeal as a store of value alongside gold and other safe havens.

Further evidence of robust demand is seen in the Coinbase Bitcoin Premium Index, which measures the price gap between Coinbase Pro and Binance’s USDT pair, remaining positive and indicating strong buying pressure from U.S. investors.

Data from Deribit’s options market, analyzed by Amberdata, reveals concentrated “negative gamma” exposure at the $110,000 strike price. Market makers with negative gamma typically adjust their hedges in line with price movements, often magnifying market volatility and price swings.

Therefore, a clean breakout above $110,000 could accelerate the rally, as hedging activity amplifies upward momentum—consistent with previous episodes where derivatives-driven flows intensified Bitcoin price action.