#BTC
Bitcoin (BTC) has seen significant price movements in the past few days, with
its current price at $103,679, up $1,667.65 over the past 24 hours.
The cryptocurrency is less than 5% away from its all-time high of
$108,786. Analysts from Bitfinex suggest that while the rally has more
room to run, a short-term pullback is likely before new all-time highs, with
key resistance levels around $104,000 to $106,000 and support at $98,000.
Despite this, the medium and long-term outlook remains bullish, with
a price target of $150,000 to $180,000 for 2025-2026.
Recent news highlights include Bitcoin's price climbing above
$104,000, driven by positive inflation data, President Trump's bullish
outlook, and Coinbase's inclusion in the S&P 500.
However, Bitcoin also experienced a sell-off after reaching $105,720, likely
due to profit-taking and reduced demand for scarce assets as investors
favor the stock market following a US-China trade deal.
The latest Consumer Price Index (CPI) report showed a 0.2% increase in April,
which was cooler than expected, potentially allaying inflation concerns
and supporting Bitcoin's price.
The recent events, such as the positive inflation data and the US-China trade
deal, have introduced both bullish and bearish pressures on Bitcoin.
The cooler-than-expected CPI report has reduced inflationary fears, which
could support Bitcoin's price. However, the lack of sustained
momentum near $105,000 and the potential for profit-taking, especially
among long-term holders, could lead to a short-term consolidation.
This could delay new all-time highs until supply and demand stabilize
above $100,000.