BTC consolidates near $104K with $102K as key support, while technical indicators suggest a new ATH is forming
Bitcoin (BTC) held steady around $104,000 during the May 12 Wall Street open, consolidating after a strong rally spurred by the U.S.–China trade agreement. As stocks surged and the U.S. dollar index (DXY) hit a 1-month high, BTC positioned itself between risk-on momentum and macro recalibration.
Key Highlights:
BTC consolidates after 3-day rally, trading in the $103K–$105K range
DXY hits 1-month high as US-China deal reduces recession and rate cut fears
Traders eye $102,000 as a liquidation cluster and support zone
Retest of the 50-week EMA at $80,300 signals a new ATH may be forming
BTC has swept nearby liquidity above $105K and awaits new breakout trigger
Bitcoin Surfs Macro Tailwinds While Markets React
Following the US-China tariff rollback announcement, global markets responded positively:
S&P 500 and Nasdaq jumped ~3%
Gold dropped sharply to $3,208/oz, nearing monthly lows
DXY climbed, reflecting renewed investor confidence and fading rate cut expectations
“The last time US tariffs on China were this high, the S&P 500 was ~200 points lower, 4 Fed rate cuts were expected, and a recession was priced in,”
noted The Kobeissi Letter on X.
“Sentiment is everything.”
In contrast, Bitcoin opted for consolidation, holding mid-range between surging equities and weakening commodities like gold.
$102K Identified as Key BTC Support Zone
According to trader Daan Crypto Trades, Bitcoin’s recent price action cleared liquidity around the $105K region, setting the stage for a potential downside sweep to $102K, where a dense cluster of liquidations and buy bids resides.
“Keep an eye on the ~$102K region. Depending on the reaction there, you can reassess,”
he posted on X, referencing data from CoinGlass.
CoinGlass also reported a steady rise in exchange bids near $103K after the Wall Street open, reinforcing this zone as a key area for short-term support.
New All-Time High “In the Making,” Say Analysts
While short-term consolidation may play out, analysts remain bullish on the broader BTC trend. Trader CrypNuevo highlighted that BTC/USD recently retested the 50-week exponential moving average (EMA) — a historic springboard for past bull cycles.
“We got the 1W50EMA retest at ~$80,300 and, consequently, the next leg up,”
CrypNuevo explained.
“Every previous time we saw this structure, it preceded a new all-time high.”
This sentiment echoes earlier signals from the MACD crossover on weekly timeframes, widely considered a classic bull market breakout indicator, according to Cointelegraph.
