After consolidating at $104k, Bitcoin struggles at high levels. What comes next?
There has been a mix of caution and optimism in the cryptocurrency markets. Despite recovering the $107,068 mark thanks to positive mood, the flagship currency, Bitcoin (BTC), has had difficulty staying above it and has fallen below the $104,000 mark.
On Monday, May 19, at 9:15 AM, Bitcoin was up 0.50 percent, trading at about $103,851.99. The 24-hour trading volume of the most popular cryptocurrency in the world was $55.13 billion. Bitcoin has the largest market capitalization of any cryptocurrency, at $2.06 trillion. Based on CoinMarketCap statistics, Bitcoin has fluctuated between $103,295.25 and $107,068.72 over the past day.
Bitcoin encounters opposition $107,000
According to Vikram Subburaj, CEO of Giottus Crypto Platform, Bitcoin must further consolidate above $103,000 before breaking over the formidable resistance level at $107,000. The asset’s performance is also influenced by the US stock indices, which will probably decline following a strong week, postponing a Bitcoin spike.
“Bitcoin would reach new highs if it decisively breaks $107,000, helped by robust ETF inflows. Strong rallies among altcoins are also anticipated.” “Traders are advised to limit their losses and be prepared to deploy cash in the event of a breakout until then,” Subburaj warned.
Interestingly, the bellwether currency is almost 4.6% below its peak of $109,114.88, which was reached on January 20 of this year.
According to Alankar Saxena, CTO of Bitcoin and co-founder of Mudrex, the cryptocurrency appears to be about to create a golden cross this week. Similar to what was observed in February and October of last year, this pattern has historically preceded notable rallies and has the potential to push prices to all-time highs once more.
“A decisive breakout above $105,000 could signal a bullish continuation, paving the way for new all-time highs,” Saxena stated. But according to Saxena, a decline below the $102,500 support level might lead to a brief decline toward $100,000.
Ethereum and other altcoins
At higher levels, Ethereum (ETH), the second-largest cryptocurrency in the world by market value, was also seeing resistance. Ethereum was down 3.6% at the time of the previous check, trading at about $2,384.64.
Other well-known cryptocurrencies saw declines of 1.45 percent in Cardano (ADA), 0.95 percent in Solana (SOL), 0.56 percent in Binance Coin (BNB), and 0.20 percent in Ripple (XRP). Tether, a stablecoin tethered to the US dollar, was down 0.01 percent at $1.
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