On May 22, the price of Bitcoin (BTC) has surpassed $110,000, setting a new historical high
1. Current Price and Market Trend
Current BTC Price: Approximately $110,787, with a 24-hour high of $110,787 and a low retracement to $106,090.
Short-term Trend: After breaking the previous high of $109,356, it has entered a high-level consolidation phase, and attention should be paid to whether it can stabilize above $110,000.
Key Breakthrough: Bitcoin has broken through $109,000 for the first time since January and is further challenging $110,000, indicating strong market buying.
2. Technical Indicator Analysis
RSI (Daily): Close to 70 (overbought area), caution is advised for short-term retracement risks.
MACD: The four-hour level maintains a golden cross, but the daily level shows signs of a top divergence, which may trigger an adjustment.
Trading Volume: Increased during the breakout, but subsequent momentum has slightly weakened, continuous observation is needed.
On-chain Data: Large holders (1000+ BTC) continue to accumulate, institutional funds flowing in support the long-term bullish outlook.
3. Key Support and Resistance
Support Levels:
$106,000-$107,000 (recent retracement low).
$105,300 (short-term concentrated trading area).
$102,800 (EMA15 trend support).
Resistance Levels:
$110,000 (psychological barrier).
$112,000 (next target).
$116,000-$128,000 (potential breakout range predicted by analysts).
4. Trading Strategy Suggestions
Breakout Long:
Entry: After stabilizing above $110,000.
Target: $112,000-$116,000.
Stop Loss: Below $108,000.
Retracement Buy:
Entry Range: $106,000-$107,000.
Target: $110,000-$112,000.
Stop Loss: Below $105,000.
High-Level Wait and See:
If it does not break through $112,000, one may wait for clearer signals.
COOKIE HAEDAL SATS
