Binance News
According to Odaily, the price of Bitcoin surpassed $105,000 before the weekly close on May 11, marking its highest level in several months. Analyst Rekt Capital emphasized the importance of Bitcoin maintaining a weekly close above around $104,500 to establish this level as support. This development puts Bitcoin on the verge of entering the second phase of price discovery and an upward trend. Bitcoin's ability to close the week above the recently reclaimed consolidation range is critical.
Market data indicates that liquidity is currently concentrated near the current price, with $106,000 identified as the next significant resistance level. However, some traders remain cautious about short-term forecasts, expressing concerns that the current rally might be a "false breakout," which could lead to a pullback to $102,000 or lower.