Bitcoin’s (BTC) price recorded a new all-time high of $111,970 on May 22. However, BTC price retraced shortly after to trade at $110,700 at the time of writing. Despite the correction, there are mixed signals about whether the price rally is overheated or whether this is a healthy pullback.

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.

As Bitcoin spikes to a new all-time high above $111,000, analysts say Bitcoin Pepe could be among best crypto to buy