The price of Bitcoin experienced a strong increase in the week ending today. Now, media attention is focused on the upcoming week, which, as we will see, could bring significant movements.
At the time of writing, the price of BTC is quoted at $104,200, with daily gains of 1%, weekly gains of 9.3%, and monthly gains of 26.6%. Undoubtedly, these are increases we haven't seen in months.
The largest cryptocurrency maintains its gains at the weekly close on May 11. Analysts now point to a key level that must be held to sustain its upward momentum.
What factors could drive BTC's price in the coming week?
Given that the current rally is attributed to the start of negotiations between China and the United States regarding their trade conflict, analysts point out that progress in these talks could have a direct impact on the price of Bitcoin.
«Almost touches $105,000 again after headlines. Markets will want to see Trump's comments on the way forward in trade between the United States and China materialized. Shipping data already suggests that experts know this, so container volumes have briefly increased again.»
Thus, expectations are focused on those negotiations. News arising from this in the coming days could increase or decrease enthusiasm. Cryptocurrency media will closely follow Trump's statements.
Data to consider regarding Bitcoin
According to CoinGlass, there is a strong concentration of sell orders just below $106,000. Meanwhile, buy orders are distributed in a staggered manner up to $102,000. This creates a high liquidity zone near the current price, which could influence movements towards the week's close.
Analysts highlight that most of the liquidity is concentrated around the current price, while $106,000 appears as the next critical level with possible notable activity.
CryptoQuant data reveals that over $31 million in short positions were liquidated on Binance.
An analyst on X noted that despite BTC's proximity to its all-time high, Google searches are far from their previous peaks, indicating low interest from the general public.
BTC chart analysis: signals, resistances, levels
In the charts, Bitcoin maintains a clear upward trend, with prices marking increasingly higher highs and lows.
Key levels to consider for BTC.
Key levels to consider for BTC. Source: TradingView.
The most relevant support is located near $95,000, an area where the price has already shown prior consolidation. Meanwhile, the key resistance is near $105,000.
Moving averages support the upward trend across all analyzed time frames. Both simple (SMA) and exponential (EMA) moving averages of 20, 50, 100, and 200 periods continue to signal a positive direction.
In this context, the most favorable outcome for Bitcoin is to maintain current levels, which would allow for a more solid price consolidation.
Finally, the RSI at 49 points suggests that BTC is stabilizing in this zone and that small increases are feasible in the short term.
