As of May 12, the trading price of Bitcoin (BTC) has decreased by approximately 4.5% from the historical peak of $108,786 set earlier this year. Vincent Liu, Chief Information Officer of Kronos Research, stated that Bitcoin's current trend reflects its strong technical strength, having successfully broken through the 50-day and 200-day moving averages. Vincent Liu emphasized that the active participation of institutional investors, along with optimistic forecasts for the cryptocurrency landscape in 2025, makes it likely for Bitcoin to reach new highs.
In contrast, Rachael Lucas, an analyst at BTC Markets, warned that Bitcoin's Relative Strength Index (RSI) indicates that the asset is currently in the "overbought" territory. She pointed out that while this does not guarantee a sudden market reversal, it suggests a possible short-term consolidation phase. If prices stabilize above the critical level of $100,000, it could lay the groundwork for continued upward movement.
Min Jung, a research analyst at Presto, emphasized that the recent rise in cryptocurrency valuations is primarily driven by optimism surrounding the US-China trade negotiations. As Bitcoin's market dominance returns to levels seen before the bull market of 2021, a trend of foreseeable capital flowing into altcoins is beginning to take shape. Jung believes that whether Bitcoin can break through its historical high is closely related to the progress of these trade negotiations and other pressing geopolitical factors.
