Bitcoin Surges Past $100K Milestone: Bull Run Targets New ATH
Currently trading above $104,000, Bitcoin (BTC) has kept its position above the psychologically significant $100,000 threshold as market
Quick overview
- Bitcoin is currently trading above $104,000, maintaining its position above the significant $100,000 threshold as it eyes a potential retest of its all-time high of $109,588.
- Positive developments in US-China trade negotiations and a record 19-day inflow streak for BlackRock's Bitcoin ETF are driving institutional demand and supporting Bitcoin's price movement.
- Technical analysis indicates ongoing strength for Bitcoin, with key support levels at $103,500 and $100,000, while resistance levels are noted at $105,000 and $109,588.
- Analysts remain cautiously optimistic about Bitcoin's future, emphasizing the importance of upcoming macroeconomic data and the need for diversified strategies in this volatile market.
Currently trading above $104,000, Bitcoin BTC/USD has kept its position above the psychologically significant $100,000 threshold as market players gaze at a possible retest of January’s all-time high of $109,588. Rising over 10% in the past week, the top cryptocurrency shows amazing resilience among bettering macroeconomic conditions.
Positive changes in US-China trade negotiations have greatly helped the movement. With US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer prepared to declare “substantial progress” following negotiations in Switzerland, officials from both countries came to find “important consensus”. Previously slowing down Bitcoin’s momentum earlier this year, this diplomatic success helps allay concerns of a lengthy trade war.
BlackRock’s Bitcoin ETF Records Unprecedented 19-Day Inflow Streak
With BlackRock’s spot Bitcoin ETF (IBIT) extended its inflow record to an amazing 19 consecutive days, institutional demand remains driving Bitcoin’s price motion. Data from Farside Investors shows that the fund garnered almost $1.03 billion in the most recent trading week alone, therefore demonstrating ongoing institutional demand for Bitcoin exposure.
Maintaining increasing momentum in the market depends on this ongoing accumulation by big financial participants as well as on corporate treasury policies like those used by Strategy. The great institutional support gives Bitcoin’s present price levels and possible future appreciation a firm basis.
BTC/USD Technical Analysis Points to Potential ATH Breakout
The daily chart of Bitcoin shows a clear movement above the $97,700 resistance mark last Thursday, which started the present surge. Although the bitcoin has seen some slight opposition around $105,000, various technical signs point to ongoing strength:
- Confirming the bullish trend structure, Bitcoin is trading well above both its 20-day exponential moving average ($96,626) and 50-day simple moving average ($88,962).
- On the hourly chart, a new bullish trend line has emerged supported by $103,500.
- Suggesting ongoing upward pressure, the MACD indicator is gathering pace in the bullish zone.
Though the Relative Strength Index (RSI) on the daily basis has entered overbought territory at 73, suggesting possible bullish tiredness, care is advised. This can indicate a moment of short-term correction or consolidation before still another leg up.
Key Levels to Watch
Support Zones:
- Immediate support at $103,500 (trend line)
- Strong psychological support at $100,000
- 20-day EMA at $96,626
- Major support at $93,000
- 50-day SMA at $88,962
Resistance Zones:
- Immediate resistance at $105,000
- Secondary resistance at $106,200
- All-time high resistance at $109,588
Popular crypto analyst Rekt Capital claims that Bitcoin must find a weekly closing above $104,500 if it is to commence “Price Discovery Uptrend 2” and start “Breakthrough Process.” Analyzers estimate possible targets in the next months around $130,000 if Bitcoin can clear the $105,000 to $109,588 resistance zone.
South Korean Market Shows Unusual Discount
With Bitcoin trading at a discount of 0.76% below the worldwide average on May 10, South Korea’s well-known “Kimchi Premium” has inverted in an unusual market quirk. In the usually premium-driven South Korean market, this inversion started on May 2 and has only occurred seldom over the month.
This discount could point to either increased uncertainty among South Korean investors or low local demand or surplus supply. Concurrently, Cryptoquant’s Coinbase Premium Index has stayed mostly in positive territory since April 20, indicating robust US-based investor buying activity.
Bitcoin Price Prediction: Bullish With Cautionary Notes
Although the immediate view is still positive, analysts point out that future macroeconomic data—especially the US CPI announcement set for May 13—probably will determine Bitcoin’s next movements. Some traders, including the pseudonymous Il Capo of Crypto, still remain wary, cautions stating “if this is just a correction of the downtrend since January, the entire move could eventually be totally reversed.”
Based on robust technical momentum trading above its 50 and 200-day moving averages, Vincent Liu, CIO of Kronos Research, presents a more hopeful picture: “Bitcoin lingers around all-time highs. Rising institutional acceptance and a positive 2025 projection lead to a likely road toward another ATH.”
Maintaining diversified strategies and sensible risk management is still crucial for investors negotiating this high-volatile terrain as Bitcoin reaches a turning point that might decide its course for the rest of 2025.
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