- Bitcoin reached new record highs above $109,000 and briefly surpassed $110,000.
- Technical analysis suggests Bitcoin could test the $120,000 level in the next few weeks.
- Market experts point to key resistance at $112,000 and $110,000, with strong support around $100,000.
- Recent gains coincided with declines in U.S. stock markets and rising interest in Bitcoin as a reserve asset.
- Events such as the GENIUS Act and high-profile figures in the crypto space may have contributed to the recent price movement.
Bitcoin set several new price records on Wednesday, May 21, reaching above $109,000 and crossing the $110,000 mark before settling near $109,300, according to data from Coinbase through TradingView. Technical analysis from Joe DiPasquale, CEO of hedge fund manager BitBull Capital, indicates that Bitcoin could approach $120,000 in the coming weeks if current momentum holds.
DiPasquale noted that $112,000 is the next psychological resistance, but said that price movements at these high levels may be volatile. In an email statement, he explained, “On the upside, $112,000 is the next psychological resistance, but if momentum continues, we could see a test of $120,000 — which aligns with longer-term Fibonacci extensions… watching ETF flows and funding rates will be just as important as the charts.” He added, “If momentum holds and we continue to see strong ETF inflows and a supportive macro backdrop, Bitcoin could plausibly test the $120,000 level within weeks, not months.”
According to DiPasquale, significant price increases tend to accelerate when resistance levels are surpassed and new investment enters the market, though he warned that “pullbacks are healthy” and the path forward may not be smooth. He described this phase as the early stages of a breakout for Bitcoin.
Tim Enneking, managing partner of Psalion, commented that Bitcoin’s latest all-time high came as U.S. financial markets experienced declines after the Treasury bill debt auction. He observed a weakening correlation between Bitcoin and U.S. equities since April, stating, “This most recent period could be historic: the beginning of the real perception of BTC as a ‘haven’ by the tradfi space, finally taking up a theme that has been sung by the digital asset space for more than a decade.” Enneking identified $100,000 as firm support and $110,000 as significant resistance, predicting the climb could continue as more corporations and institutions adopt Bitcoin as a reserve asset.
Digital asset commentator and TikTok influencer Wendy O highlighted her focus on support at $102,000 and resistance at $110,000. She tied the recent price surge to the passage of the GENIUS Act’s first round in the Senate, former President Trump’s involvement with memecoins, and upcoming announcements at Bitcoin events.
Bitcoin’s rise to new highs occurred amid increased attention from both retail and institutional investors, and in the context of significant political and market developments.
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