#BTC110KToday? A closing price of Bitcoin at the end of the month above USD 102,400 would establish the highest monthly close in history, demonstrating that the bull market continues at a rapid pace.
Over USD 3 billion in Bitcoin short positions are vulnerable above USD 107,000, creating a 'liquidation magnet' that could send BTC price to new highs.
Bitcoin
BTC
94,088 €
is 11 days away from potentially reaching its highest monthly close in history. After achieving a record weekly close of USD 106,407 on May 18, BTC could reach a new monthly high by closing above USD 102,400 this month.
Regarding its current market trend, Bitcoin is inches away from a 'price discovery' period, as noted by crypto trader Jelle.
Price discovery in this context refers to the process by which buyers and sellers interact in an undefined or untraded range to determine the market price of an asset.
A breakout above Bitcoin's all-time high of USD 110,000 would initiate a price discovery phase, leading BTC into an unexplored trading range with successive higher highs until market participants establish a new equilibrium between supply and demand.
Cointelegraph reported that Bitcoin is close to confirming a 'golden cross' on its daily chart, which has historically preceded price surges of 45% to 60%. This movement coincides with the likelihood of BTC reaching new highs this month.
A monthly close near USD 110,000 would mark a gain of 15% to 17% for Bitcoin in May, its best performance in May since 2019. This would significantly exceed the historical average monthly performance of 8% for the month.
Bitcoin would vaporize the 'shorts' above USD 107,000
Bitcoin researcher Axel Adler Jr. has observed a key technical pattern in the current Bitcoin bull cycle, noting three recent cases of 'compression' - a period of narrowing price ranges - measured by moving highs/lows over 180 days.
The chart indicates that this compression often signals an imminent breakout, with the historical precedent set by the 2017 rally when Bitcoin rose from USD 1,000 to USD 20,000.