On Thursday, May 22, 2025, the price of Bitcoin recorded a historic rise, surpassing the $110,000 barrier for the first time, reaching $110,506.92 in the early morning hours.
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🔍 Technical Analysis of Bitcoin – May 22, 2025
Current Price: Approximately $110,500
Overall Trend: Strongly Bullish
Support and Resistance Levels:
First Support: $107,000
Second Support: $104,853
Next Resistance: $110,885
Next Target: $115,000, with expectations of reaching $118,000 in the coming weeks.
Technical Signals:
"Cup and Handle" Pattern: Charts indicate the formation of a "cup and handle" pattern, which is a strong bullish signal.
Moving Averages: The price is above the 50 and 100-day moving averages, indicating buyer dominance.
Relative Strength Index (RSI): Shows signs of overbought conditions, which may indicate a potential short-term correction.
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📈 What to Watch For?
Breakout and stability above $110,885: If this breakout is confirmed, we may see the price move towards $115,000.
Return to Support: If the price fails to maintain above, it may return to test support levels at $107,000 or even $104,853.
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💡 Tip of the Day:
With strong upward momentum, it is advised to wait for confirmation of breakouts before entering new trades. Also, monitor overbought indicators to avoid entering trades at potential peaks.
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