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The Bitcoin price performance was excellent last week and reached a brand new all-time high. In the late Thursday, May twenty second, the Premier cryptocurrency reached a brand new record price of $ 111,807.
While the worth of BTC has recorded a major correction within the last 24 hours, the market -wide mood is positive because investors expect the value of the coin. However, historical price motion data indicate that the Bitcoin price can cool down for some time before it picks up its upward rally.
As soon as BTC Local Top is there, AltSeason is the following: Analyst
In a recently on the social media platform X. The on-chain analyst emphasized two principal explanation why the bullish dynamics of the market leader could decrease at short notice.
First, this bear-in projection revolves around the looks of a long-term trend line within the day by day BTC diagram. As observed in the next table, the trend line acts as a resistance level for the Bitcoin price, which has triggered several rejections for the reason that starting of 2021.
Source: @Joao_wedson on x
In addition, the cycle top 2021 (after which the all-time power price) got here around $ 69,000 after reaching this long-term trend line. Most recently, Bitcoins of earlier all-time high price of $ 108,786 culminated for this long-term level of resistance.
Wedson also found that the Bitcoin -aggregated liquidation level Heatmap supports the local top theory of 113,000 to 114,000 US dollars. According to the liquidation data, the Bitcoin price has had a withdrawal of around 110,000 US dollars previously six months.
Interestingly, Wedson identified that old coins might be brought back to life within the months after the value of Bitcoin, which reached its top. While Bitcoin's dominance had a correction last week, the metric received an enormous boost previously few days after BTC's price -performance.
The speech of an Altcoin season has all the time been within the crypto air for the reason that starting of 2025, especially with the value of Bitcoin, which apparently reached a cycle (right now). However, the AltSeason appears to be a implausible idea, for the reason that world's largest cryptocurrency continues to guide the pack by a major mile.
Bitcoin price at a look
In the late hours of Friday, the value of Bitcoin fell below the extent of 109,000 US dollars in a response to the tariff threat of the US President, Donald Trump, at goods from the European Union. At the current time, the flagship cryptocurrency has a price of around 108,500 US dollars, with a price decline of two.3% within the last 24 hours.
The price of BTC within the day by day time-frame | Source: Btcusdt diagram on tradingview
Selected picture of iStock, Diagram by Tradingview
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