Bitcoin hits new multi-month high above $105,000
Bitcoin's price surged past $105,000 before the weekly close on May 11, marking a multi-month high.
Analyst Rekt Capital highlighted the importance of Bitcoin maintaining a weekly close above approximately $104,500 to establish this level as support, News.Az reports, citing Binance.
This development positions Bitcoin on the verge of initiating a second phase of price discovery and upward trend. The ability of Bitcoin to close the week above the recently reclaimed reaccumulation range is deemed crucial.
Market data indicates that liquidity is currently concentrated near the current price, with $106,000 identified as the next significant resistance level. However, some traders remain cautious about the short-term outlook, expressing concerns that the current rise might be a "false breakout," potentially leading to a decline back to $102,000 or lower.
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