On a day that saw news of the penny’s demise, bitcoin, the original cryptocurrency, reached a new high as enthusiasts celebrated the anniversary of the first ever real world purchase using

Bitcoin {BTC} galloped to a new record high above $110,000 on Thursday, liquidating around $500 million worth of derivatives positions in its wake, but some traders aren't buying into the bullish sentiment.

The cryptocurrency has been on a months-long tear thanks to the pro-crypto Trump administration and April's tariff chaos.

Bitcoin breaks through $111,000 for the first time as investors seek alternatives to traditional safe havens amid weak demand for government bonds.

Bitcoin surpassed $111,000 for the first time to reach a record high, with traders increasingly bullish on the prospects of the original cryptocurrency amid mounting institutional demand.

At current market levels near $110,600, Bitcoin is up nearly 4% for the week, 18% month to date, and 19% since the start of the year. The short-term focus has now shifted to potential upside targets at $115,000 and $120,000, levels that would mark new psychological milestones if broken.