Bitcoin, the world's leading cryptocurrency, has soared to new heights against various fiat currencies in several countries across Asia and South America. Following a significant 7% surge in its price, Bitcoin reached an intraday and six-week high of $71,650 on May 21, sparking optimism among investors and analysts alike.

According to data from CoinGecko, Bitcoin's recent rally brings it within a 3.4% range of its all-time high in USD terms, recorded on March 14, at $73,738. This surge has propelled Bitcoin to achieve record highs against local currencies in countries such as Japan, Argentina, the Philippines, and beyond.

In Japan, Bitcoin surpassed the 11 million yen threshold for the first time, hitting an all-time high of 11.2 million yen during early trading on May 21. This milestone comes as the Japanese yen has weakened against the U.S. dollar in recent months, experiencing a 10% depreciation since the beginning of the year.

Similarly, in Argentina, Bitcoin reached a peak value of 63.8 million Argentine pesos (ARS) on May 21, surpassing previous highs seen in mid-March. The country, grappling with high inflation of 290% and currency devaluation, has seen increasing interest in Bitcoin as a hedge against economic uncertainty.

The Philippines also witnessed Bitcoin briefly reaching a record high of 4.18 million pesos (PHP) on May 21, surpassing levels seen in mid-March. This trend of new highs against local currencies extends to countries such as Britain, Australia, Canada, Chile, Colombia, Egypt, Norway, India, South Korea, Taiwan, and Turkey, as observed by industry expert Thomas Fahrer.

Analysts speculate that a short squeeze may be on the horizon as Bitcoin inches closer to its all-time high in U.S. dollars. Willy Woo, a prominent crypto analyst, highlighted the liquidation of a month's worth of Bitcoin short positions, signaling the possibility of further upward momentum.

Recent data from Coinglass reveals that within the past 24 hours, 79,010 traders were liquidated, with total crypto liquidations amounting to $345 million, primarily from short positions. This influx of buying pressure has fueled optimism among analysts, with some predicting a potential return to highs of $74,000.

Leading trading firm QCP Capital has expressed confidence in Bitcoin's price momentum, citing substantial buyers acquiring BTC Calls for December 2024. The firm notes that positive market movements, coupled with favorable economic indicators such as the US CPI numbers, have contributed to renewed bullish sentiment in the cryptocurrency market.

As Bitcoin continues its upward trajectory, investors are closely monitoring market dynamics and regulatory developments, poised for further price movements and potential opportunities in the evolving cryptocurrency landscape. Stay updated with the latest news and analysis on Bitcoin's journey to new highs.