“Bitcoin is poised to break free from its tight range in the coming days, potentially reclaiming all-time highs and entering a phase of price discovery after several months.
As the May 18 weekly close approaches, Bitcoin’s volatility has diminished, with traders anticipating a new breakout.”
BTC/USD 4-hour chart. Source: Cointelegraph/TradingView
BTC price signals a potential classic breakout.
Data from Cointelegraph Markets Pro and TradingView indicated that the $103,000 level served as a price magnet for BTC over the weekend. With minimal fluctuations, BTC/USD appeared ready for a liquidity grab, with targets set at $105,000 and $103,000, according to monitoring resource CoinGlass.
BTC liquidation heatmap. Source: CoinGlass
Commenting on the current market structure, traders remained largely bullish on the current market structure, expecting a confrontation with all-time highs and a return to price discovery.
“Next early week Bitcoin target: $116,000,” popular trader Alan summarized in his latest short-term prediction on X.
An accompanying chart underscored the lack of volatility characterizing BTC/USD over the past week.
“$BTC is brewing within this converging triangle with decreasing volume, which is a common indicator of potential for a Breakout,” Alan added.
BTC/USD 4-hour chart. Source: Trader Tardigrade/X
Fellow trader Mikybull Crypto described the market structure as an “intraday diamond pattern breakout.”
“With the recent run up we’ve seen a consistent Coinbase spot premium. This is good and show there’s solid demand,” trader Daan Crypto Trades continued, referring to promising US buyer support fueling Bitcoin’s return to six figures.
Concerns about lingering resistance.
More conservative views suggested a short-term pullback before the upward trend continued.
“Slow week and Bitcoin hasn’t been able to break resistance so far, which still makes me think that this scenario might be possibly in play,” trader CrypNuevo suggested.
Daan Crypto Trades added that against stocks, Bitcoin had yet to beat out final resistance.
As Cointelegraph reported, longer-term worries involve a complete retracement of the relief bounce that brought BTC/USD back from multimonth lows near $75,000 in April. A move towards levels around $90,000 is also being monitored.
Source: Cointelegraph Edited by: Bernie S.