Since early May, Bitcoin's price has risen by more than 14%, signaling growing investor confidence. The current price is hovering around a key resistance level near $109,000. If this barrier is convincingly broken, new price zones may come into play, with some analysts suggesting targets of $115,000 or even higher.

Bitcoin breaks key milestone and edges closer to new record highs

On May 21, Bitcoin (BTC) showed a strong upward move, reaching the $108,000 mark for the first time in months. This price action highlights the strength of current market sentiment and boosts expectations for new all-time highs in the near future.

What makes this rise noteworthy is the broad support from the market. Not only is Bitcoin climbing, but the total market capitalization of cryptocurrencies is also increasing. This suggests a broader rally, where multiple digital assets benefit from the positive momentum.

Technical signals point to a possible move towards $140,000

Looking at the chart, Bitcoin is forming a so-called rounded bottom pattern—a classic technical formation that often precedes a strong upward trend. A daily close above the neckline around $106,000 could confirm the start of a new bullish phase.

This puts a technical price target of around $140,000 within reach, representing a gain of over 35% from the current level. The RSI (Relative Strength Index) stands at 69, suggesting there's still room for growth before the asset becomes overbought. Additionally, a ‘golden cross‘ could be on the horizon—a technical signal often interpreted as positive.

While the exact future of the market can never be predicted, current indicators and market structure point toward a constructive phase for Bitcoin. At Coinmerce, we are committed to providing a safe and accessible environment where you can responsibly engage with the world of digital currencies.

Disclaimer: This is not financial advice. Always do your own research before making decisions regarding digital assets.