In the cryptocurrency market, Bitcoin ($BTC) is showing significant growth, approaching historic highs. This article examines the current price, technical indicators, and analyst forecasts.
Current Bitcoin Price and Resistance Level
As of May 21, the price of Bitcoin is just above $105,400, gaining nearly 3% in the last 24 hours. The price is currently pressing against a significant resistance level at $106,600, where Glassnode identifies a large supply cluster of 31,000 BTC acquired in December. These coins have largely remained unmoved, making the $106.6K level an important technical and psychological threshold for the market.
Technical Indicator Analysis
Despite recent volatility, technical indicators such as RSI and MACD suggest a potential breakout, despite overbought conditions. Long-term holders have not sold or averaged down, creating a short-term psychological and technical barrier.
Analysts' Predictions for Bitcoin Price
Analyst John Deaton states that a decisive move above $110K could trigger a rapid surge toward $125K. These forecasts are based on current market trends and accumulation by holders.
Thus, Bitcoin continues to show steady growth with potential for new records. Monitoring key resistance levels will be crucial for further market analysis.
