Bitcoin reached a new all-time high for the first time in history on May 22, achieving a market capitalisation of approximately $2.21 trillion, which is two-thirds of the entire cryptocurrency market. During today’s trading session, it hit an intraday high of $111,878. This recent surge to a new high is significantly supported by ongoing inflows into U.S.-based spot Bitcoin exchange-traded funds and a reduction in macroeconomic concerns.
As Bitcoin has surpassed its all-time high, analysts expect that the positive momentum will continue, driving the price to new highs in the near term. Additionally, several major altcoins have found support at key levels and have recently bounced back to achieve new swing highs.
At the time of writing, Bitcoin is trading at $111,400, up by 4.5%, in the past 24 hours. Along with this price increase, the total market cap of Bitcoin reached $2.21 trillion, with a 24-hour trading volume of $76.91 billion.
In this overview, we will analyse the key technical levels and trend directions for Bitcoin to monitor in the upcoming trading sessions. The chart mentioned below is based on the 15-minute timeframe.
Bitcoin Chart Analysis & BTCUSD Price Action.
With the ongoing strong bullish momentum, Bitcoin is rallying to new highs after its break above the level of all-time high level.
Currently, Bitcoin is trading around $111,400 with a first level of support at $110,282. If the price manages to break this level, we can see a downfall to the next support at $107,968, and a decline in price below this level will push the price to fall to the price level at $106,080.
On the upside, we can see in the chart that the first level of resistance is at $111,877, followed by the next resistance at $113,943 and $116,516. If the price manages to break above the first level of resistance this level we can see an upside movement to the next level of resistance in the next trading sessions.
In Closing
Currently, Bitcoin is trending higher with strong bullish momentum after a strong consolidation in a range. If the price successfully breaks through these resistance levels, we can anticipate a stronger upward trend to a sideways trend in the upcoming trading sessions. However, if the resistance levels are not breached, the market may shift into a bearish trading session.
Traders should consider these key support and resistance levels to enter long or short positions following the price break from the key levels. Also, traders can combine moving averages for more accurate entry and exit points.
