Is Bitcoin Price Turning Bullish Or Bearish? Crypto Analyst Reveals Critical Levels To Watch
By: cryptonews|2025/05/16 07:15:05
0
Share
Bitcoin’s price action in the past 24 hours has seen it slowly retracing from the $104,000 zone it started the week at. This range has become particularly significant as Bitcoin continues to flirt with levels last seen during its recent push toward new all-time highs. Bitcoin’s price movements over the past two days have tightened , and the candlestick behavior on the weekly chart has led to a doji formation on the weekly candlestick timeframe, an indicator of indecision. Interestingly, a technical analysis from crypto analyst Tony “The Bull” Severino has highlighted critical levels to watch that will determine whether the Bitcoin price is turning bearish or still bullish. Mixed Signals: Why the Current Resistance Zone Is Critical Crypto analyst Tony “The Bull” Severino shared a chart and in-depth breakdown on the social media platform X, pointing to horizontal support and resistance levels as the most important technical indicators in his view. As shown on his Bitcoin weekly chart, the leading cryptocurrency is now pressing against a well-defined resistance zone just below its all-time high, marked clearly in red. The proximity of this level to its all-time high means it could act as a ceiling, making it an important area to watch for either a breakout or a reversal. Tony outlines three possible interpretations for the current market structure around the $108,000 resistance level. The bullish case hinges on Bitcoin consolidating under resistance, a pattern often followed by upward continuation. The neutral case is that Bitcoin could be forming a broad trading range, in which case it makes sense to short the market at resistance while buying near support. On the bearish side, the presence of a doji candlestick at this key level may be a sign of fading momentum and an early signal of a price reversal. His trading strategy reflects this uncertainty. He has placed short positions within the red resistance zone, with a stop loss just above the all-time high. At the same time, he has set a stop buy order in the green breakout zone above the all-time high, ready to switch long should the Bitcoin price convincingly break through resistance. Conditions For A Bullish Breakout Are Not Yet Fulfilled Although Tony noted that the broader investment market, including altcoins and the stock market, looks strong, he cautioned that this does not guarantee a bullish breakout for Bitcoin. For confirmation, a bullish breakout must be preceded by aligning various technical indicators. These include a breakout with substantial trading volume, an RSI reading above 70 on the weekly chart, and a weekly close above the upper Bollinger Band. At the moment, however, the Bitcoin CME Futures chart has failed to move past 70 on the daily RSI twice, and trading volume is in decline. According to CoinMarketCap, the trading volume of Bitcoin is $44.33 billion in the past 24 hours, a 11.40% reduction from the previous 24 hours. These are early warning signs that a breakout attempt may lack the strength needed for sustainability. Nonetheless, the conditions are still very mixed and starting to lean more bullish than bearish . At the time of writing, Bitcoin is trading at $102,352, down by 1.31% in the past 24 hours.
You may also like

Wall Street's Most Mysterious Money-Making Machine, Crashing Bitcoin Price at 10 a.m. Sharp Every Day
Jane Street's reputation has continued to suffer in recent years

Key Market Information Discrepancy on February 26th - A Must-Read! | Alpha Morning Report
1. Top News: Major Cryptocurrencies, Including Bitcoin, Surge; Jane Street Halts "10 AM Dump" After Lawsuit
2. Token Unlock: $MIRA, $SAHARA, $HUMA, $BLAST, $ALOT

How was the Backpack staking token swap established?
Backpack is taking a path of unvalidated transactions, requiring a delicate balance between regulators, equity holders, and token stakers.

Can You Still Launch a VC Firm Today?
Put Your Reputation on the Line, Find a Clear Edge, Win a Few Key Trades, and Stay in It for the Long Haul

Claude Cowork Adds Scheduled Task, Jane Street Incident Continues to Stir, What's the Overseas Crypto Community Talking About Today?
What Was Trending for Foreigners in the Last 24 Hours?

Leveraging $6,000 to Move a $200M Market Cap? How Polymarket Creates an "Insider Trading Illusion"
After a large bet on Meteora on Polymarket, the price of MET rose instead of falling within an hour.
WEEX AI Hackathon: $8B Traded, Real AI Strategies Proven
How profitable is AI trading in real crypto markets? WEEX's $1.88M global AI hackathon reveals $8B volume, 227% ROI, API strategy data, and why only 8 of 37 traders made profit.

Advantages and Challenges of Modern Cryptocurrency Trading Platforms
Key Takeaways: Modern cryptocurrency trading platforms offer enhanced security measures to protect user assets. User-friendly interfaces and comprehensive…

Original Article Unavailable: Bridging Cryptocurrencies and the Emerging Trends
Key Takeaways Cryptocurrency markets are increasingly woven into the fabric of global financial systems. With advancements in blockchain…

Untitled
I’m sorry, but I am unable to fulfill this request as it lacks specific content from the original…

The one who bought the Meta stablecoin Diem back in the day is a good friend of SBF.
The original idea was to combine a bank-licensed compliant entity with an underlying clearing network built over three years by a Silicon Valley giant, to enable seamless payments for everything you can imagine

February 25th Market Key Insights, How Much Did You Miss Out?
1. On-Chain Funds: $32M inflow to Ethereum this week; $54.9M outflow from Arbitrum
2. Largest Price Swings: $SN115, $RAVE
3. Top News: Tonight's Circle and NVIDIA earnings reports, AI narrative's impact on crypto market sentiment under scrutiny

Dragonfly Partner Haseeb Conversation: The AI Apocalypse is Far Away; Smart Contracts are Machine-Destined Law
In the world of crypto, the first lesson you learn is the importance of "HODLing" on.

IOSG: DeFi Upward, User Downward; Curator's New Paradigm of CeDeFi
As DeFi matures and grows more complex, the Curator is becoming a key intermediary connecting risk and users.

DDC continues to advance its Bitcoin reserve strategy, with a total holding of 2118 BTC
DDC Enterprise Limited has today announced the additional purchase of 50 bitcoins, increasing its total bitcoin holdings to 2,118 bitcoins. This latest acquisition marks DDC's seventh consecutive week of executing its bitcoin accumulation plan. Based on its current holdings, DDC is ranked 34th in the global publicly traded companies bitcoin holdings list.

From Mining Enterprise to Infrastructure Builder, Bitdeer Unpacks the Survival Logic behind BTC
Profit margins nearing the red line, miners are starting to use Bitcoin as fuel.

How Can Agentic Commerce Empower AI to Start Making Money?
The first wave of moneymaking AIs has arrived, which projects are worth paying attention to

February Correction: Is the Crypto Market Bottoming Out?
Based on historical experience, the most intense phase of this downturn may be about to end.
Wall Street's Most Mysterious Money-Making Machine, Crashing Bitcoin Price at 10 a.m. Sharp Every Day
Jane Street's reputation has continued to suffer in recent years
Key Market Information Discrepancy on February 26th - A Must-Read! | Alpha Morning Report
1. Top News: Major Cryptocurrencies, Including Bitcoin, Surge; Jane Street Halts "10 AM Dump" After Lawsuit
2. Token Unlock: $MIRA, $SAHARA, $HUMA, $BLAST, $ALOT
How was the Backpack staking token swap established?
Backpack is taking a path of unvalidated transactions, requiring a delicate balance between regulators, equity holders, and token stakers.
Can You Still Launch a VC Firm Today?
Put Your Reputation on the Line, Find a Clear Edge, Win a Few Key Trades, and Stay in It for the Long Haul
Claude Cowork Adds Scheduled Task, Jane Street Incident Continues to Stir, What's the Overseas Crypto Community Talking About Today?
What Was Trending for Foreigners in the Last 24 Hours?
Leveraging $6,000 to Move a $200M Market Cap? How Polymarket Creates an "Insider Trading Illusion"
After a large bet on Meteora on Polymarket, the price of MET rose instead of falling within an hour.