4 reasons why Bitcoin price is on the verge of a new all-time high

Earlier today the price of (BTC) hit $18,815 on Binance for the first time in nearly three years. Following the breakout, BTC is on track to see a new all-time high in the near term for four significant reasons.

The factors that make a new record high likely are growing institutional demand, reduced selling pressure, a spot-driven market rally, and the significance of the $18,500 resistance breach.

4-hour chart. Source: TradingView.com
The balance of BTC held on exchanges. Source: Glassnode