‎Bitcoin Maintains Bullish Momentum Amid Consolidation: Price Eyes $108,500 Breakout

‎BTCUSD Market Analysis- May 19

Bitcoin remains firmly in a bullish trend, showing resilience and strength as it consolidates after breaking key resistance levels and setting its sights on new all-time highs.

Bitcoin (BTCUSD) Key Levels‎

Support Levels: $87,800.00, $75,200.00
‎Resistance Levels: $98,200.00, $108,500.00

‎BTCUSD Long-Term Trend: Bullish

‎Bitcoin continues to maintain a strong bullish trajectory after reaching a significant high. The bullish momentum began following a firm rejection from the $75,200 demand level, signaling the end of the previous bearish phase. As the price reclaimed the $87,800 level, bullish sentiment intensified, driving the market higher with increased volatility and the formation of notable bullish candles.
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‎As the market approached the $98,200 supply zone, Bitcoin entered a brief consolidation phase. This consolidation eventually resulted in a bullish breakout, breaching the $98,200 level and affirming the continuation of the bullish trend.
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‎Currently, Bitcoin is undergoing another phase of consolidation. The daily Relative Strength Index (RSI) remains in the overbought zone, indicating strong buyer dominance. However, instead of a significant bearish correction, the market is stabilizing through sideways movement. As the RSI gradually declines, further consolidation is expected in the short term. The next likely scenario is a bullish expansion, with price targeting a breakout above the $108,500 resistance.

‎BTCUSD Medium-Term Trend: Bullish

‎On the medium-term outlook, Bitcoin is navigating a higher timeframe range, characterized by short-term fluctuations in both directions without a clear trend. Despite this choppy price action, the prevailing bullish bias remains intact.
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‎The 4-hour RSI shows a reduction in momentum, reflecting the ongoing consolidation within the range. This short-term pullback is considered a healthy pause within the broader bullish context. Upon the completion of this consolidation, price is expected to resume its upward movement, aiming for a bullish continuation that aligns with the long-term trend.

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