- Key price targets include $105,000, $103,000, and a potential surge to $116,000.
- Market patterns, such as a converging triangle and diamond pattern, suggest building momentum for a move upward.
- Some analysts expect a quick pullback before prices climb higher, while others note ongoing resistance compared to stocks.
- Long-term risks include the possibility of a retrace to lower levels, possibly as low as $90,000.
Bitcoin held steady with minimal price swings as the week ending May 18 closed, with traders watching closely for an upward breakout. Analysts tracked on Cointelegraph Markets Pro and TradingView identified a magnetic trading range near $103,000 over the weekend.
BTC/USD fluctuated only slightly, with liquidity focused on $105,000 and $103,000 per CoinGlass data. Several traders remained optimistic about a continued rise, pointing to patterns that often suggest a sharp move. One analyst, posting as Alan on X, set a short-term target of $116,000, stating, “$BTC is brewing within this converging triangle with decreasing volume, which is a common indicator of potential for a Breakout.”
Another trader, Mikybull Crypto, described current chart action as an “intraday diamond pattern breakout.” Daan Crypto Trades highlighted a persistent Coinbase spot premium, noting steady demand from U.S. investors as a positive sign for Bitcoin’s strength.
More cautious views focused on the resistance Bitcoin faces. Analyst CrypNuevo suggested a possible short-term pullback since “Bitcoin hasn’t been able to break resistance so far.” Daan Crypto Trades added that, compared to stocks, Bitcoin’s performance still faces hurdles, noting that its recent relative weakness followed developments related to a U.S.-China deal.
Longer-term concerns include the chance that Bitcoin could fully reverse its upward bounce from lows near $75,000 in April, with some watching for a potential retest of levels near $90,000. Investors are advised to evaluate risk carefully, as all trading involves uncertainty.
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