Bitcoin Approaches Record Highs: Technical Analysis and Potential Price Direction

Jakarta, Pintu News – Bitcoin (BTC) price showed renewed technical strength after bouncing off the $102,500 support zone (around Rp1,690,072,500, assuming 1 USD = Rp16,489). BTC managed to surpass the important resistance at $103,500 and recorded an intraday high of $107,042 before experiencing a slight correction.

Currently, BTC price is trading above $104,500 and above the 100-hour simple moving average. This short-term trend shows a bullish tendency, which is supported by the formation of an ascending trendline with support around $104,200 (approximately Rp1,717,017,800).

Key Resistances and Upside Scenarios

The nearest resistance for Bitcoin is at $105,500 (approximately Rp1,738,999,500), with the next technical barriers at $106,000 and $107,500. If BTC manages to convincingly surpass $107,500, the next target is estimated to be around $108,800 to $110,000 (approximately Rp1,794,259,200 – Rp1,813,790,000), which would mark a new record high.

This potential reflects the current market strength and growing investor interest in the major cryptocurrency. However, validation of the breakout is highly dependent on trading volume and additional technical confirmation.

Also Read: Bitcoin Approaches Golden Cross: Bullish Signal Amid US Debt Concerns

Potential Correction and Support Levels

If Bitcoin fails to break the $105,500 resistance, then a downward correction may occur. Initial support levels are at $104,500 and $104,200. If the price breaks below these trend lines, then the $103,500 to $102,200 zone (IDR1,707,181,500 – IDR1,685,698,000) will be the next test point.

If selling pressure increases and the price breaks below $100,500 (IDR 1,657,354,500), it is likely that the trend will shift to bearish in the short term.

Technical Indicators

• MACD (Moving Average Convergence Divergence): Starting to lose bullish momentum, but not yet indicating a trend reversal.
• RSI (Relative Strength Index): Currently above 50, indicating that the strength of buyers still dominates.

Considering the technical support and the current strength of market sentiment, Bitcoin is still in a potentially bullish phase, but investors should still anticipate a minor correction.

Conclusion

Bitcoin is showing a steady strengthening trend and is on track for a potential new record high if it manages to break the $106,000-$107,500 resistance. However, market volatility remains an important factor to watch. Investors are advised to closely monitor key technical indicators and support levels in determining trading strategies.

Also Read: XRP Strengthens After V-Shaped Recovery, Next Price Target IDR56,000?

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• NewsBTC. Bitcoin Price Inches Toward All-Time High – Can Momentum Finish the Job? Accessed May 19, 2025.
• Featured Image: Generated by AI