Key factors:
Liquidity is tightly clustered round present spot value, with $106,000 the probably subsequent battleground.
Some merchants predict the bid to enter value discovery to fail.
Bitcoin (BTC) preserved large good points into the Could 11 weekly shut as evaluation flagged the important thing degree to carry subsequent.
Evaluation: BTC value can “kickstart the breakout course of”
Information from Cointelegraph Markets Pro and TradingView confirmed weekend upside volatility, delivering new multimonth highs of almost $105,000.
An absence of liquidity throughout “out of hours” buying and selling contributed to the transfer, which as soon as extra got here on the again of positive rumors over a US-China commerce deal.
$BTC
nearly tagging $105K off once more headlinesmarkets will wish to see fruition of Trumps feedback concerning a path ahead with commerce between US & China
Delivery knowledge does already counsel insiders know therefore container quantity has briefly picked up once more pic.twitter.com/AijqalylwS
— Skew Δ (@52kskew) May 10, 2025
Now, widespread dealer and analyst Rekt Capital confirmed that Bitcoin may even kickstart a return to all-time highs and value discovery.
The all-important weekly shut degree to flip to assist, he mentioned, lay at round $104,500.
“Can Bitcoin do it? Can Bitcoin Weekly Shut above the Vary Excessive of its not too long ago reclaimed Re-Accumulation Vary to kickstart the breakout course of?” he queried in a post on X alongside an explanatory chart.
“Bitcoin is on the cusp of starting Value Discovery Uptrend 2.”
An extra replace calculated the present Bitcoin bull market as 85.5% full, but with probably the most erratic upswings nonetheless to return.
#BTC Bull Market Progress:
▓▓▓▓▓▓▓▓░░ 85.5%
(Progress will velocity up on Parabolic advances)$BTC #Crypto #Bitcoin pic.twitter.com/Qe88NVmo2z
— Rekt Capital (@rektcapital) May 9, 2025
A have a look at the most recent change order e book knowledge from monitoring useful resource CoinGlass confirmed a big cloud of asks clustered across the space instantly under $106,000 on the time of writing.
Bids have been laddered all the way down to $102,000, making a thickening band of liquidity round spot value into the weekly shut.
Bitcoin can nonetheless retrace “complete transfer”
Some market individuals remained bearish on quick timeframes.
Associated: Is Bitcoin about to go parabolic? BTC price targets include $160K next
On X, widespread dealer HTL-NL argued that the present push towards all-time highs would finish as a “fakeout” to entice late longs.
“Will $BTC shut/open the week remaining throughout the vary, will it do a ‘pretend out (UTAD)’ or was this actually a reaccumulation vary as many wish to consider,” he wrote on the day.
“To be sincere, though I nonetheless favour the primary 2 choices based mostly on M/Q charts, it being reaccumulation isn’t inconceivable.”
One other voice of warning, one all too acquainted in Bitcoin buying and selling circles, got here within the type of fellow dealer Il Capo of Crypto.
In his latest X updates, the pseudonymous commentator warned that BTC/USD may right to the extent that its complete rebound disappears.
“That is the time to scale out, not in,” he argued on Could 10.
“Sturdy resistances are being examined, and if that is only a correction of the downtrend since January, all the transfer may ultimately be absolutely reversed.”
Il Capo of Crypto originally gained notoriety for his $12,000 BTC value targets at first of the bull market in 2023.
This text doesn’t comprise funding recommendation or suggestions. Each funding and buying and selling transfer includes danger, and readers ought to conduct their very own analysis when making a call.
