Bitcoin Surges Over $108,000

Key Points:

• Bitcoin reached $108,000 for the first time since January.

• Analysts suggest support might extend to $90,000, though the likelihood of retesting this level seems diminished.

• Some short-term targets are now set around $128,000 as a potential peak.

On May 21, Bitcoin (BTC) jumped past $108,000, marking a four-month high. So, what’s next for BTC/USD?

Currently, traders and analysts are gauging BTC price forecasts at below 1.5%, a dip from earlier highs.

Lower Chances for BTC Support Test

Bitcoin continues to hover just below a significant psychological resistance level, which is the highest seen back in January.

At one point, BTC was priced at $109,356 on Bitstamp, and this is a pivotal level the bulls are aiming to reclaim this week.

Volatility has also been noticeable, as BTC/USD dropped nearly $1,000 in a matter of minutes after surpassing the $108,000 mark.

Order book and liquidity data from Coinglass indicates that support is thickening below $106,000 as of the latest updates.

Keith Alan, co-founder of Trading Resource Material Indicator, pointed to the annual opening of 2025 as a critical period featuring multiple moving averages and potential long-term support zones, specifically around the $100,000 mark.

The highest 21-day moving average on that day was about $101,640.

Alan noted, “We can’t ask for more solid technical support.” He suggested that a deeper retracement could actually bolster Bitcoin’s overall recovery chances in the future.

While he personally feels a drop to that level could happen, he’s not very optimistic about it occurring soon. The further away the 21-day moving average is from $100,000, the slimmer the chances of hitting that support level again, he believes.

“Whether BTC retests $100,000 or not, I’m pleased to see consolidation in this range before we go higher,” he added.

Traders Eye $128,000 Next

Michaël Vande Poppe, a crypto trader and analyst, shares similar sentiment regarding support levels.

He identifies $91,800 and $100,700 as significant points of interest. “Bitcoin is at $108,000 and it feels like a good time to be nearing new heights,” he remarked.

However, he also mentioned that the new all-time high appears to be approaching faster than he had anticipated, with $120,000 being one of several immediate targets outlined.

Another trader, Merrizin, is eyeing a target of $116,000, predicting potential surges for BTC/USD based on ongoing patterns.

In fact, another trader claimed there’s been a noticeable bullish breakout, associating Bitcoin’s upward trend with that $116,000 target and suggesting it’s just getting started.

Meanwhile, fellow trader Henry has even increased his projection to $128,000, suggesting it could mark a “blow-off top” and noted support areas around $105,000 and $96,000.

This article does not provide investment advice. All trading involves risk, and it’s important for readers to conduct their own research before making decisions.