Bitcoin continues to demonstrate strong bullish momentum, extending its upward trajectory that began in early April. The recent price action reflects a clear technical breakout, supported by favorable trend signals and rising investor confidence. Market participants are closely watching the current price discovery phase, with technical indicators pointing to continued strength. As Bitcoin trades in uncharted territory, traders are assessing key resistance and support levels to gauge potential scenarios for the days ahead.
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Since April 7, BTCUSD has exhibited a strong upward trajectory, starting with a rebound from the support level of $74,377.98, coinciding with the formation of a Long Bullish Body—a classic signal of a potential trend reversal. This rebound was bolstered by a bullish reversal pattern, identified in technical analysis as a non-failure swing. Specifically, the price trough at $74,377.98 fell below the preceding low, while subsequent price action surpassed the previous peak at $88,658.18, confirming the shift in sentiment and intensifying the bullish momentum.
The ongoing uptrend has also been supported by the emergence of a “Golden Cross,” where the 20-period Exponential Moving Average (EMA) crossed above the 50-period EMA. Notably, Bitcoin prices have consistently traded above both moving averages, underscoring sustained bullish sentiment. A decisive break above the all-time high of $109,899.00 opened the way to further price expansion in uncharted territory.
Additional bullish signals are evident in momentum indicators. The Momentum Oscillator has climbed above the critical 100 level, reinforcing the strength of the upward trend. Meanwhile, the Relative Strength Index (RSI) has risen above the 50 threshold, signaling increased bullish pressure and market optimism.
Key Resistance Levels
Should the buyers maintain market control, traders may direct their attention toward the four potential resistance levels below:
113,070.44: The initial resistance level is identified at 113,070.44, which mirrors the 261.8% Fibonacci Extension drawn from the high point, 105,749.77, to the low point, 101,225.25.
117,594.96: The second price target is seen at 117,594.96.
120,391.20: The third price objective is projected at 120,391.20, which corresponds to the 423.6% Fibonacci Extension drawn from the swing high, 105,749.77, to the low point, 101,225.25.
122,969.05: An additional price target is established at 122,969.05, representing the monthly resistance, R3, estimated using the standard Pivot Points methodology.
Key Support Levels
Should the sellers take market control, traders may consider the four potential support levels listed below:
105,749.77: The initial support level is identified at 105,749.77, corresponding to the peak formed on May 12.
102,955.22: The second support level is identified at 102,955.22, representing the weekly Pivot Point, PP, which is calculated using the standard methodology.
97,776.26: The third support level is identified at 97,776.26, corresponding to the daily high marked May2.
88,666.60: An additional downside target is noted at 88,666.60, reflecting the 61.8% Fibonacci Retracement level calculated from the low point of 74,377.98 to the high point of 111,782.75.
Fundamentals
Bitcoin has surged to a new all-time high above $111,000, driven by strong institutional inflows into U.S.-listed spot ETFs and favorable macroeconomic conditions. Analysts say a potential “alt season” could follow if Bitcoin dominance climbs to 70% and liquidity improves. Currently, Bitcoin dominance is around 61%. While Ethereum continues to lag, altcoins like Solana and Sui are gaining attention for their scalability and developer ecosystems. However, analysts caution that a broad altcoin rally is unlikely until Bitcoin finishes its current price discovery phase.
Conclusion
Bitcoin’s sustained rally reflects a convergence of bullish technical patterns, strong market sentiment, and favorable fundamentals. As price discovery unfolds above $111,000, traders are navigating this uncharted territory by closely monitoring resistance and support levels for signs of continuation or correction. While broader market trends remain constructive, attention is also turning toward altcoins, though a meaningful shift is likely to depend on further gains in Bitcoin dominance and overall market liquidity.
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