Bitcoin holds at $103,000 after hitting four-month high
Bitcoin started the week on a positive note on Monday, rising above $107,000 — the highest since January 24, according to CoinDesk data —before pulling back to $102,000.
At the time of writing, the world's largest cryptocurrency was trading around 3 per cent lower to around $103,000.
The price action has raised concerns among traders about a potential bull trap, especially as momentum indicators show early signs of exhaustion. 'Despite continued positive corporate and institutional flows in the form of spot Bitcoin Exchange Traded Funds (ETFs) and Meta Planet's accumulation, bearish sentiment appears to be gaining ground in the short term,' Manish Chhetri, analyst at FXStreet, wrote in a note.
CoinGlass data shows that BTC's long-to-short ratio falls to 0.94, the lowest level over a month. A ratio below one indicates that a larger number of traders are betting on the asset price to fall.
Despite the retracement, the largest cryptocurrency continues to trend upward, forming higher highs and higher lows within an ascending consolidation channel, while its market dominance rose above 64 per cent, Coindesk data shows.
There's a bullish bias in the options market, too. 'Deribit data shows a heavy concentration of call open interest above $100,000, particularly at the $110,000, $115,000 and $120,000 strike prices for May 30, when $8 billion in notional value expires. Call options, which give holders the right to buy BTC at a specific price, are typically used to bet that the price will rise to or above that level,' Coindesk said in a report.
Bitcoin continues to show resilience as it consolidates around the $103,200 mark, following an overnight rally that briefly touched $107,000. Although the cryptocurrency was unable to sustain gains beyond this level, holding firm just under 6 per cent below the recent high is being viewed by analysts as a bullish sign.
'It's only a matter of time until we see a new all-time high,' said Simon Peters, Crypto Analyst at eToro. 'Bitcoin finding support at this level is encouraging as we look ahead to key industry events.'
Market participants are now turning their attention to Bitcoin 2025, one of the world's largest cryptocurrency conferences, set to take place in Las Vegas from May 27 to 29. The event is expected to draw significant attention with a powerful lineup of speakers, including US Vice President JD Vance, MicroStrategy Chairman Michael Saylor, Senator Cynthia Lummis, and David Sacks, the White House's AI and Crypto Czar.
With speculation mounting, the crypto community is eagerly anticipating updates on the US government's potential plans to expand its Strategic Bitcoin Reserve, along with possible announcements regarding the GENIUS Act and a proposed regulatory framework for stablecoins.
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