Bitcoin hit a new all-time high of $111,970 on May 22, but retraced to $110,700, with analysts noting mixed signals on market overheating. Funding rates and other metrics suggest a “healthy upward phase.”

Bitcoin prices jumped 1.5% Wednesday to an all-time high of $108,671.62. The cryptocurrency has been climbing since a recent low set in early April, when investors were selling all types of risky assets during the height of President Trump's trade war.

Bitcoin surpassed $110,000 for the first time to head toward another record high, with traders increasingly bullish on the prospects of the original cryptocurrency.