Bitcoin surges 20% to $109,147 as institutional interest grows

Bitcoin's price has surged to $109,147, driven by renewed institutional interest and increasing real-world adoption. The rally is particularly notable due to the growing interest from UK pension funds, with Cartwright Pension Trusts reporting a 60% return for a client who allocated just 3% of their fund to Bitcoin in November 2024. This performance has sparked conversations with other funds and prompted Cartwright to launch an “Annual Bitcoin Review” for institutional clients. The firm emphasized education and measured exposure, despite market volatility, and noted that pensions, charities, and businesses are increasingly exploring Bitcoin both as a reserve asset and for transactional use. This narrative supports long-term bullish sentiment and legitimizes Bitcoin within traditional finance circles.

Adding to the bullish tone, Binance Pay has partnered with French fintech Lyzi to enable crypto payments at over 80 luxury establishments along the French Riviera. Tourists and locals can now pay in Bitcoin, stablecoins, and over 100 cryptocurrencies without gas fees, with instant euro settlements provided to merchants. Notable participants include JW Marriott Cannes and high-end boutiques in Monaco. This initiative aligns with the region’s Web3 tourism push, backed by local support. Binance is also offering a €5 EURI incentive for crypto purchases over €20 to accelerate adoption.

Technically, Bitcoin remains supported above the 50-period EMA ($107,581), currently trading around $109,147. A rising wedge pattern is capping gains, with resistance at $109,764. A breakout above this level could trigger further upside to $110,809 or even $112,003. As long as Bitcoin remains above the rising wedge support and the 50-EMA, buyers are in control. A decisive breakout could signal the next leg higher.

While the lawsuit introduces short-term uncertainty, it reaffirms the need for enforceable agreements and transparent regulation. This decision underscores U.S. court jurisdiction over global crypto entities operating through American financial or communication networks. It also highlights the increasing legal scrutiny within the crypto space. The case centers on the alleged liquidation of 39,500 BTC, now valued at $4 billion, outside a contractually agreed 10-hour window. While some charges were dismissed, the core claim remains.