According to BlockBeats, on May 12, Bitcoin is currently about 4.5% lower than its historical high of $108,786 in January. Vincent Liu, Chief Information Officer of Kronos Research, stated: "Bitcoin is currently hovering near its historical highs, with strong technical momentum supporting its breakout above the 50-day and 200-day moving averages. The continuous increase in institutional investors and optimistic expectations for 2025 indicate that Bitcoin is likely to set a new historical high."
However, another analyst pointed out that Bitcoin's relative strength index (RSI) indicates that the cryptocurrency is in the 'overbought' zone. BTC Markets analyst Rachael Lucas stated: "This does not necessarily signal an immediate reversal in the market, but it does increase the likelihood of a cooling or sideways movement in the short term. A retest and consolidation above the key psychological level of $100,000 would be a healthy development and could lay the groundwork for further increases."
Presto research analyst Min Jung stated: "The recent rise in the cryptocurrency market is driven by market optimism regarding the rekindling of trade negotiations between China and the United States. As Bitcoin's dominance reaches levels seen before the bull market of 2021, we are now experiencing a typical rotation—capital is beginning to flow into altcoins."
Presto analysts added that the possibility of Bitcoin breaking through its previous historical highs may depend on how trade negotiations develop, while other escalating geopolitical tensions remain a key variable.
