‎Bitcoin Eyes New All-Time High Near $109,200

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‎BTCUSD Market Analysis – May 13‎

‎Bitcoin (BTCUSD) is on a strong bullish trajectory, approaching the $109,200 level as it attempts to chart a new all-time high.‎

‎Bitcoin (BTCUSD) Key Levels‎

‎Support Levels: $88,000.00, $77,100.00
‎Resistance Levels: $97,900.00, $109,200.00

‎BTCUSD Long-Term Trend: Bullish‎

After reaching the previous major peak around $109,320, the market entered a notable correction phase. This pullback breached the initial demand zone and extended lower, eventually finding strong support near the $77,100 level. This area marked a significant low, halting the decline and setting the stage for a bullish recovery.
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‎Since establishing this low in early April, BTC has staged an aggressive rally. The bullish momentum helped the market reclaim the $88,000 demand zone, which further propelled the price upward. BTC has now convincingly broken through the $97,900 supply level, continuing its upward march with no immediate signs of slowing down.
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‎Despite the bullish structure, caution is warranted. The daily Relative Strength Index (RSI) is currently in the overbought zone, suggesting that a retracement or temporary pullback may occur as sellers attempt to regain short-term control.

‎BTCUSD Medium-Term Trend: Bullish‎

‎On the 4-hour timeframe, BTCUSD maintains its bullish outlook. Following the breakout above the $97,900 resistance level, the market entered a brief consolidation phase. During this period, the RSI indicated weakening momentum. However, the price has since resumed its upward move, remaining above the 4-hour Moving Average — a technical confirmation of continued bullish crypto signal.
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‎A breakout above the current consolidation range is expected, which would confirm the resumption of the bullish trend and potentially set the stage for a new all-time high beyond $109,200.

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