The current status of Bitcoin (BTC) is marked by a strong bullish momentum. Having broken through the significant $100,000 resistance level, BTC is currently trading around $104,000 - $105,000 as of Monday, May 12, 2025. This surge follows a substantial rally in the past week, with gains exceeding 8-10%.
Technical analysis suggests that while the market exhibits strong momentum with the Relative Strength Index (RSI) in overbought territory, there's still potential for further upward movement. Some analysts point towards a possible retest of the all-time high around $109,000, and even higher targets in the longer term based on historical patterns and market sentiment.
On-chain data reveals interesting trends, such as a continuing downtrend in Bitcoin held in miner reserves, suggesting some miners are taking profits. However, institutional interest appears robust, as evidenced by consistent inflows into Bitcoin ETFs.
Overall, the market sentiment leans towards greed, and Bitcoin is currently the dominant cryptocurrency, holding the largest market capitalization. While a healthy pullback is possible after the recent rapid gains, the underlying bullish momentum and increasing institutional adoption suggest a positive outlook for Bitcoin in the short to medium term. Investors are closely watching key resistance levels above $105,000 and support levels around $100,000 for potential future price action.
