Bitcoin continues to attract strong interest from market participants, extending its impressive recovery from April lows and pushing into fresh record territory. The uptrend remains supported by positive technical signals and firm institutional demand, with sentiment further lifted by improving regulatory developments in the US. As traders assess the strength of the current move, focus remains on key price levels that may define the next phase of market direction.
Overview
Bitcoin continues to attract strong interest from market participants, extending its impressive recovery from April lows and pushing into fresh record territory. The uptrend remains supported by positive technical signals and firm institutional demand, with sentiment further lifted by improving regulatory developments in the US. As traders assess the strength of the current move, focus remains on key price levels that may define the next phase of market direction.
Key Economic Events
Thursday 10:15 am (GMT+3) – France: Flash Manufacturing PMI (EUR)
Thursday 10:15 am (GMT+3) – France: Flash Services PMI (EUR)
Thursday 10:30 am (GMT+3) – Germany: Flash Manufacturing PMI (EUR)
Thursday 10:30 am (GMT+3) – Germany: Flash Services PMI (EUR)
Thursday 11:30 am (GMT+3) – UK: Flash Manufacturing PMI (GBP)
Thursday 11:30 am (GMT+3) – UK: Flash Services PMI (GBP)
Thursday 15:30 (GMT+3) – USA: Unemployment Claims (USD)
Thursday 16:45 (GMT+3) – USA: Flash Manufacturing PMI (USD)
Thursday 16:45 (GMT+3) – USA: Flash Services PMI (USD)
Friday 09:00 am (GMT+3) – UK: Retail Sales (GBP)
Friday 15:30 (GMT+3) – Canada: Retail Sales m/m (CAD)
Technical Analysis
Bitcoin has staged a strong recovery following its low of $74,377.98, rallying more than 50% from trough to peak—signaling a shift toward renewed bullish sentiment despite mixed macro signals.
Technically, BTCUSD has been trading above both the 20- and 50-period Exponential Moving Averages (EMAs), indicating sustained buying pressure.
Momentum indicators reinforce the upward bias: the Momentum Oscillator has crossed above the 100 threshold, and the Relative Strength Index (RSI) has climbed above the neutral 50 mark.
However, the emergence of a negative divergence between price action and the Momentum Oscillator, coupled with the RSI entering overbought territory above 70, introduces a note of caution. These signals suggest the potential for a near-term pause or corrective retracement.
Potential Upside Targets
If buyers maintain control of the market, traders may shift their focus to the following four potential resistance levels:
111,782.75: The first level of resistance is determined at $101,782.75, which reflects the all-time high reached on May 22.
113,070.44: The second resistance level is observed at $113,070.44, which aligns with the 261.8% Fiboancci Extension drawn from $105,749.77 to $101,225.25.
117,594.96: The third price objective is projected at $117,594.96.
120,391.12: An additional price objective is projected at $120,391.12, representing the 423.6% Fiboancci Extension drawn from $105,749.77 to $101,225.25.
Potential Downside Targets
If sellers take control of the market, traders may focus on the following four key support levels:
103,121.63: The initial support level is estimated at $103,121.63, representing the weekly Pivot Point, PP, estimated using the standard methodology.
97,494.13: The second support level is determined at $97,494.13, aligning with the 38.2% Fibonacci Retracement drawn from $74,377.98 to $111,782.75.
88,666.60: The third support level is established at $88,666.60, reflecting the 61.8% Fibonacci Retracement drawn from $74,377.98 to $111,782.75.
74,377.98: An additional downside target is noted at $74,377.98, representing the swing low marked April 7.
Fundamentals
Bitcoin has surged past the $111,000 mark for the first time, fueled by a combination of robust institutional demand and renewed optimism surrounding US regulatory clarity. Progress on a bipartisan stablecoin bill in the Senate has strengthened expectations of a more supportive policy environment under the current administration, further boosting market sentiment. Notably, firms like MicroStrategy—now holding over $50 billion in Bitcoin—continue to lead the corporate accumulation trend, signaling that this rally is underpinned by sustained, quantifiable demand rather than short-term momentum. With ETF inflows accelerating and options markets pricing in higher targets, analysts suggest that a sustained break above $111,000 could open the path toward $125,000. Meanwhile, Bitcoin's outperformance relative to both altcoins and traditional risk assets reinforces its dominant role in the current cycle, as investors increasingly position it as a hedge amid fiscal and macroeconomic uncertainty.
Conclusion
Bitcoin's rally remains firmly supported by both technical strength and fundamental drivers, reflecting growing institutional confidence and a more constructive regulatory outlook. While momentum indicators point to continued bullish potential, signs of near-term exhaustion warrant caution. As the market navigates this new price territory, upcoming reactions around key resistance and support levels will be critical in determining the sustainability of the current trend. Traders will be closely watching for confirmation of either a continuation higher or the onset of a corrective phase.