$BTC As of Sunday, May 18, Bitcoin (BTC) hovers around the astonishing $104 thousand threshold—a familiar territory reminiscent of last week's trading. Experts have delved into the market dynamics, analyzing the potential trajectory for Bitcoin over the upcoming week.
This past week was a tapestry woven with consolidation and uncertainty for Bitcoin, despite an array of positive signals lighting the way for the cryptocurrency landscape. From May 12 to May 17, Bitcoin's journey was marked by lateral movements, culminating in a slight dip to $103,186.
Throughout the week, trading remained confined within a narrow range of $100,718 to $105,819, suggesting a phase of accumulation or redistribution following an impressive 40% surge since early April.
On May 12, Bitcoin experienced a setback, slipping by 1.27% to $100,718 after reaching a high of $105,819—triggered by news of reduced tariffs between the United States and China. This pullback was driven by profit-taking and the anticipation of upcoming inflation data from the United States.
The following day, May 13, the BTC/USDT pair experienced a resurgence, climbing 1.28% to $104,103 after inflation figures in the U.S. came in lower than expected (0.2% month-over-month and 2.3% year-over-year). Hopes for a reduction in the Federal Reserve rate soared, with the probability of a September cut rising to an impressive 75.9%.
However, on May 14, Bitcoin slipped by 0.57% to $103,507. The brief recovery sparked by news of a monumental $600 billion trade agreement between the U.S. and Saudi Arabia proved fleeting as it struggled to maintain momentum past the $105,000 to $105,500 threshold.
Yet, on May 15, a glimmer of hope emerged as Bitcoin edged up by 0.25% to $103,763. Early worries about payments to FTX lenders spurred a decline to $101,383, but optimism was reignited by Eric Trump's statements about plans to accumulate Bitcoin and launch an American Bitcoin mining venture.
