Bitcoin Price Rises. Why It's Getting Closer to a Record High. — Barrons.com

By Callum KeownBitcoin rose early Wednesday as the cryptocurrency launched a fresh effort to test its all-time high of just above $109,000 — but fell short again.The world's largest cryptocurrency reached $107,998 early in the day, just short of its record $109,224 reached on Inauguration Day in January, according to data from CoinDesk. Bitcoin then slipped to around $106,400, up around 1% over the past 24 hours. The crypto has now climbed 14% in 2025.Ether, the second biggest crypto, was up 0.1% to $2,529, but the popular altcoin XRP fell 0.3% to $2.35.Regulatory developments have helped cryptocurrencies in recent days after the Senate advanced a bill Monday for so-called stablecoins — cryptos pegged to a fiat currency, typically the U.S. dollar. The legislation aims to regulate only stablecoins, and not Bitcoin, but its movement through Congress is still a boost to overall sentiment."In the crypto space, the setup and price action in Bitcoin looks outright bullish," Pepperstone analyst Chris Weston said late Tuesday. He added that if the pullbacks remain limited and well supported then a new all-time high could come into play.Several recent pushes toward its record high have ended in failure but each time it seems to get closer with Wednesday's attempt the nearest yet — maybe it's only a matter of time.Write to Callum Keown at [email protected] content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.