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Bitcoin breaks past $107k resistance: Is a new all-time high on horizon?
The bellwether currency was quoted trading at around $107,575.86, up by 1.32 per cent at 10:46 AM on Wednesday, May 21. The world's most popular cryptocurrency had a 24-hour trading volume of $50.84 billion. Bitcoin's market capitalisation stood at $2.13 trillion, the highest among all cryptocurrencies. The last 24-hour trading range for Bitcoin was between $104,206.52 and $107,664.50, according to data from CoinMarketCap.
Bitcoin eyes $110,000
Riya Sehgal, research analyst at Delta Exchange, believes that Bitcoin has built a strong base above the $106,000 mark, indicating solid buyer interest at lower levels. This breakout above $107,500, Sehgal believes, could potentially open the door toward $110,000 and new all-time highs.
For Bitcoin, Vikram Subburaj, CEO of Giottus Crypto Platform, believes that liquidity grabs can dictate its short-term price action—a short squeeze at $109,000 followed by a long liquidity grab at $101,000. "Spot ETF inflows have dipped yesterday in a sign that a correction is in order. However, any move down is likely to be a final correction before the asset breaks through its January high," said Subburaj.
Notably, Bitcoin is currently 1.42 per cent lower from its all-time high of $109,114.88, scaled on January 20 of this year.
Ethereum holds above $2,500
Ethereum, on the other hand, has been showing stronger relative strength, gaining nearly 60 per cent over the last month and outperforming Bitcoin. It is trading around the $2,500 mark, a key psychological resistance. Last seen, it was quoted trading at $2,577.99, up 0.38 per cent, with a trading volume of $21.94 billion. It has fluctuated in the range of $2,446.45 - $2,576.29 in the last 24 hours.
Ethereum's market cap stood at $312.01 billion, making it the second-largest cryptocurrency by market capitalisation.
"For Ethereum, while structural indicators like the Golden Cross and ascending trendlines suggest a bullish setup, on-chain data points to short-term overheating. Elevated trading volumes and profit-taking around $2,500 could trigger a minor pullback or consolidation," said Sehgal.
Among other popular altcoins, Cardano (ADA) was trading higher by 2 per cent, followed by Binance Coin (BNB) at 1.63 per cent, and Solana (SOL) traded higher by 0.56 per cent. Meanwhile, Ripple (XRP) was trading lower by 3.5 per cent, down 0.11 per cent.
In the near term, analysts expect volatility to remain elevated, with ETH needing to hold above $2,200 and BTC above $105,000 to sustain bullish momentum. Broader market sentiment remains cautiously optimistic as we await further confirmation of trend continuation.
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