BTC Breaks Through 110,000, Current Market Analysis on May 22!

After breaking through the 110,000 USD mark, BTC is showing a high-level oscillation pattern. After reaching a high of 109,804 USD on May 22, it faced profit-taking, falling to a low support level of 106,085 USD. The current price is hovering around 109,000 USD, indicating an increasing divergence in the market between bulls and bears.

Technical indicators show that Bitcoin is facing short-term adjustment pressure. The 7-day moving average at 108,500 USD serves as significant support; if it fails to hold, it may drop to the key level of 107,700 USD. There is notable resistance in the 110,500-111,000 USD range above, making it challenging to break through.

The trend of 46,777,952,707 is relatively mild, with an intraday high reaching 2,614 USD before retreating to a support level of 2,450 USD. The current price is maintaining oscillation around 2,550 USD, with effective support forming in the 2,450-2,480 USD range. There is some selling pressure above 2,600 USD, requiring volume expansion for an effective breakthrough.

Market volume changes are worth paying close attention to. If a rebound is accompanied by increased volume, the credibility of the breakout is high. Conversely, a volume-declining rise may indicate a trap for buyers.

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