Cointelegraph/TradingViewBitcoin unable to crack $105,000Data from Cointelegraph Markets Pro and Bitstamp shows that BTC's price has been oscillating between its resistance level at $105,000 and $101,500, where it has found support.“$BTC is stuck in a narrowing $101.5K–$104K range,” said Swissblock in a May 16 post on X. The onchain data provider said that Bitcoin began consolidating after two failed attempts to break above the resistance at $105,000. “With the weekend ahead, resolution will likely be delayed, unless we get a Friday break.”BTC/USD chart.
Source: SwissblockFor market intelligence firm Santiment, failure to grow past the $105,00 level has seen traders flip slightly bearish again. “Markets generally tend to move opposite to the crowd's expectations, suggesting there is a heightened probability of crypto markets rising due to this increased fear,” the firm explained in an X post, adding:“Retail traders are beginning to show impatience, which historically is a bullish sign for prices.”Bitcoin social volume.
Source: SantimentBTC price lacks “serious catalyst”Bitcoin has managed to sustain $100,000 as support for over a week while hitting 14-week highs of $105,700 on May 12. Despite following broad volatility across risk assets, BTC/USD may have gone even higher were it not for maneuvers of large-volume trading entities on exchange order books, according to trading resource Material Indicators.
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Author / Journalist: Cointelegraph by Nancy Lubale
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