Source: Cointelegraph.com NewsKey points:
\nBitcoin analysis identifies the all-important price point to hold into the weekly close as all-time highs loom.<\/p>\n
Liquidity is tightly clustered around current spot price, with $106,000 the likely next battleground.
\nSome traders are expecting the bid to enter price discovery to fail.<\/p>\n
Bitcoin (BTC) preserved giant gains into the May 11 weekly close as analysis flagged the key level to hold next.
\nBTC\/USD 1-hour chart. Source: Cointelegraph\/TradingViewAnalysis: BTC price can \u201ckickstart the breakout process\u201d
\nData from Cointelegraph Markets Pro and TradingView showed weekend upside volatility, delivering new multimonth highs of nearly $105,000.
\nA lack of liquidity during \u201cout of hours\u201d trading contributed to the move, which once more came on the back of positive rumors over a US-China trade deal.<\/p>\n
$BTCalmost tagging $105K off again headlinesmarkets will want to see fruition of Trumps comments regarding a path forward with trade between US & ChinaShipping data does already suggest insiders know hence container volume has briefly picked up again pic.twitter.com\/AijqalylwS\u2014 Skew \u0394 (@52kskew) May 10, 2025<\/p>\n
Now, popular trader and analyst Rekt Capital confirmed that Bitcoin could even kickstart a return to all-time highs and price discovery.
\nThe all-important weekly close level to flip to support, he said, lay at around $104,500.
\n\u201cCan Bitcoin do it? Can Bitcoin Weekly Close above the Range High of its recently reclaimed Re-Accumulation Range to kickstart the breakout process?\u201d he queried in a post on X alongside an explanatory chart.
\n\u201cBitcoin is on the cusp of beginning Price Discovery Uptrend 2.\u201d
\nBTC\/USD 1-week chart. Source: Rekt Capital\/XAn additional update calculated the current Bitcoin bull market as 85.5% complete, yet with the most erratic upswings still to come.<\/p>\n
#BTC Bull Market Progress:\u2593\u2593\u2593\u2593\u2593\u2593\u2593\u2593\u2591\u2591 85.5%(Progress will speed up on Parabolic advances)$BTC #Crypto #Bitcoin pic.twitter.com\/Qe88NVmo2z\u2014 Rekt Capital (@rektcapital) May 9, 2025<\/p>\n
A look at the latest exchange order book data from monitoring resource CoinGlass showed a large cloud of asks clustered around the area immediately below $106,000 at the time of writing. Source: Cointelegraph.com NewsKey points: Bitcoin analysis identifies the all-important price point to hold into the weekly close as all-time highs loom. Liquidity is tightly clustered around current spot price, with… <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/129021"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=129021"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/129021\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=129021"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=129021"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=129021"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nBids were laddered down to $102,000, creating a thickening band of liquidity around spot price into the weekly close.
\nBTC liquidation heatmap. Source: CoinGlassBitcoin can still retrace \u201centire move\u201d
\nSome market participants remained bearish on short timeframes.
\nRelated: Is Bitcoin about to go parabolic? BTC price targets include $160K next
\nOn X, popular trader HTL-NL argued that the current push toward all-time highs would end as a \u201cfakeout\u201d to trap late longs.
\n\u201cWill $BTC close\/open the week remaining within the range, will it do a ‘fake out (UTAD)’ or was this really a reaccumulation range as many want to believe,\u201d he wrote on the day.\u00a0
\n\u201cTo be honest, although I still favour the first 2 options based on M\/Q charts, it being reaccumulation is not impossible.\u201d
\nBTC\/USDT 1-hour chart. Source: HTL-NL\/XAnother voice of caution, one all too familiar in Bitcoin trading circles, came in the form of fellow trader Il Capo of Crypto.
\nIn his latest X updates, the pseudonymous commentator warned that BTC\/USD could correct to the extent that its entire rebound disappears.
\n\u201cThis is the time to scale out, not in,\u201d he argued on May 10.\u00a0
\n\u201cStrong resistances are being tested, and if this is just a correction of the downtrend since January, the entire move could eventually be fully reversed.\u201d
\nIl Capo of Crypto originally gained notoriety for his $12,000 BTC price targets at the start of the bull market in 2023.
\nThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"