The new BTC price analysis confirms that Bitcoin speculators are on track to bring the market back to its all-time highs and even higher before the important weekly close.
Key points:
Bitcoin analysis identifies the most critical price level to hold until the weekly close as the all-time highs approach.
Liquidity is tightly concentrated around the current spot price, with $106,000 likely being the next resistance level.
Some traders are expecting the bid to participate in exploration to fail.
$BTC maintaining massive gains until the weekly close on May 11 when the analysis marks the next critical level to hold.
Analysis: BTC price may "kickstart the breakout process"
Data from Cointelegraph Markets Pro and TradingView shows bullish volatility over the weekend, reaching new multi-month highs of nearly $105,000.
The lack of liquidity during "after-hours" trading contributed to this move, once again occurring after positive rumors about the US-China trade deal.
Currently, renowned analyst and trader Rekt Capital has confirmed that Bitcoin could even drive a return to the all-time highs and explore price.
He stated that the most crucial weekly close to shift to support is around $104,500.
"Can Bitcoin do it? Can the Bitcoin Weekly Close surpass the recently restored Re-Accumulation Range High to kickstart the breakout process?" he questioned in a post on X along with an explanatory chart.
"Bitcoin is on the verge of starting a bullish trend to explore price for the second time."
An additional update has calculated that the current Bitcoin bull market has completed 85.5%, but there are still the most erratic spikes to come.
When looking at the latest order book data from monitoring source CoinGlass, a large cloud of orders is found around the area just below $106,000 at the time of writing.
The bid has been lowered to $102,000, creating a dense liquidity band around the spot price until the weekly close.
Bitcoin could still revert to "the entire move"
Some market participants remain pessimistic in the short term.
On X, renowned trader HTL-NL argues that the current bullish run toward the all-time highs will end up as a "lie" to trap late buyers.
"Will $BTC close/open the remaining week within the range, will it create a 'fakeout (UTAD)' or is this really the accumulation range that many want to believe?" he wrote on that day.
"To be honest, although I still lean towards the first 2 options based on the M/Q chart, the re-accumulation is not impossible."
Another familiar warning voice in the Bitcoin trading community comes from trader Il Capo of Crypto.
In his latest X update, the anonymous commentator warned that BTC/USD could correct to the point where all its recovery momentum disappears.
"This is the time to scale up, not scale down," he argued on May 10.
"Strong resistance levels are being tested and if this is just a pullback since January, then the entire move could ultimately be completely reversed."
Il Capo of Crypto initially gained fame with a BTC price target of $12,000 at the beginning of the 2023 bull market. #analysis #MarketAnalysis