Bitcoin News Today: Bitcoin Eyes $128K ‘Blow-Off Top’ as Price Nears New All-Time High
Bitcoin (BTC) surged past $108,000 on May 21, reaching a new four-month high and coming within 1.5% of its current all-time high of $109,356 set in January. As BTC consolidates near this critical resistance zone, analysts are projecting short-term targets of $116,000 and a potential “blow-off top” at $128,000.
Bitcoin Surges Toward All-Time Highs
BTC is currently trading at $106,246, retracing slightly from its intraday peak of over $108,000. The move brought Bitcoin within striking distance of setting a new all-time high. According to Cointelegraph Markets Pro and TradingView, the previous record stands at $109,356 on crypto markets.
Market Structure Remains Bullish
Despite short-term volatility, order book data from CoinGlass shows growing bid support just below $106,000, strengthening Bitcoin’s base. The macro trend remains intact, with a Golden Cross forming on higher timeframes and a continuation of ETF-driven institutional inflows.
With bullish chart structures, deep liquidity, and strong long-term support, Bitcoin’s price appears well-positioned for a renewed leg higher — potentially entering a price discovery phase above $110,000 in the coming weeks.