#MerlinTradingCompetition Bitcoin is currently trading at $106,076.41, with an 0.80% increase in the last 24 hours. Its market capitalization stands at $2.06 trillion. Given the current market trend, Bitcoin might be poised for a record monthly close.
*Key Factors Influencing Bitcoin's Price:
- *Bullish Momentum*: Bitcoin's March 2025 monthly candle closed above the 38.2% Fibonacci retracement level, keeping the bullish scenario intact.
- *Resistance Levels*: Bitcoin faces resistance at $88,000, while support near $83,000 holds key for market direction.
- *Potential Drop*: A drop below $80,000 could be devastating, with little to no support until $70,000.
*Market Analysis:
- *Bullish Scenario*: Analysts predict that Bitcoin's strong monthly close could signal traders' intent to push BTC price to new highs.
- *Technical Indicators*: Mixed signals, but momentum favors bulls if volume supports further gains.
*Recent Market Trends:
- *Weekly Close*: Bitcoin's weekly close at $68,500 on May 19, 2025, signals strong bullish momentum, offering potential breakout opportunities above $70,000.
- *Institutional Interest*: Net inflows of $250 million reported for the week ending May 17, 2025, could stabilize Bitcoin's price during consolidation phases.$BTC
