Key Takeaways:
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An end-of-month price of Bitcoin near $ 102,400 will set the highest monthly close, proving the bull market continues at a fast pace.
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More than $ 3 billion in the short positions of Bitcoin is vulnerable to $ 107,000, creating a “magnet -attraction” that can send BTC prices to new highs.
Bitcoin (BTC) is 11 days from the potential setting of the highest monthly candles near history. After achieving a record weekly approaching $ 106,407 on May 18, the BTC can secure a new monthly high by closing more than $ 102,400 this month.
In connection with the current trend in its market, Bitcoin is inch away from a period of ‘price discovery’, as Crypto businessman Jelle noticed.
Price discovery in this context refers to the process by which consumers and sellers interact with an unspecified or unchanged range to determine the market price of a property.
A break above the entire Bitcoin time of $ 110,000 will start a phase of price discovery, BTC driving on an unspecified trade range with a series of higher until market participants will establish a new balance between supply and demand.
Cointelegraph reported Bitcoin is close to confirming a “Golden Cross” in its sun -sun chart, which precedes 45% to 60% price rally. The move coincides with the possibility of the BTC that has hit new highs this month.
A monthly close to $ 110,000 will mark a 15% to 17% gain for Bitcoin in May, its strongest performance since 2019. It significantly exceeds history average monthly return of 8% for the month.
Related: Bitcoin has signed a gold cross – what does it mean for BTC price?
Bitcoin will vaporize ‘shorts’ above $ 107,000
Bitcoin researcher Axel Adler Jr. mentioned A major technical pattern in the current bulcoin cycle, pointing to three recent instances of “compression” – a period of tightening of price ranges – performed by the maximum/minimum cycle for 180 days.
The chart suggests that this compression often signed an upcoming breakout, with a historic previously set by the 2017 rally when Bitcoin advanced to $ 20,000 from $ 1,000.
The use of bollinger bands next to the price range suggests that volatility builds within the current rotation. The third stage of compression in 2025 reflects the 2017 cycle, where bitcoin stops and supply shocks have filed a fomo retail, driving major price rallies.
From the Vantage Point of Bitcoin’s extermination, more than $ 3 billion in short -position -in -fl elvers is at risk of being able to be able to lighten if the BTC price moves to $ 110,000 from $ 105,000. In contrast, it will take a collapse to $ 94,612 to control a similar amount to long prevention. This skew suggests a higher price possibility that drives upward to chase the liquidity on the side-side than lowering less.
Technical analyst Gert Van Lagen is mentioned by the similar Perspective, saying,
“A magnet scratch shines above $ 107k, ready to steam the billion -billions of shorts. First, the BTC will rise in fear. Next, it will rise to the liquids.”
This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.
