As we suggested yesterday, bitcoin hit a new all-time high above $110,000 on the back of a weakening US dollar and demand for alternative assets. Bitcoin is increasingly favored by institutional investors. This has been fueled by recent recognitions from traditional financial institutions, including JPMorgan CEO Jamie Dimon's announcement of client interest in bitcoin, as well as Coinbase's inclusion in the S&P 500 index.As of now, there is no basis for any sell trades in the bitcoin market. As for buying, at the current levels, one should be careful about the risks of developing a corrective movement.