Bitcoin may be on the edge of a breakout, as the highly anticipated Bitcoin 2025 Conference kicks off May 27 in Las Vegas. While traders set their sights on a potential all-time high near $135,000, one critical support level could decide everything.
Analyst CrypNuevo warns that if Bitcoin loses this zone, a sharp drop to the $100K mark might follow. Here’s what’s happening with Bitcoin’s chart right now.
Retesting Support: A Bullish Flip in Action
According to CrypNuevo, Bitcoin has successfully flipped a former resistance level into support, a promising structure known in technical analysis as an R/S (resistance/support) flip.
This move is crucial because holding this level could keep the bullish momentum alive. If Bitcoin manages to stay above this level in the next few days, it could climb even higher.
At the same time, well-known crypto expert Wise Advice believes that if Bitcoin follows the movement of the money supply (M2), its price could rise by about 24%, reaching $135K by July.
Liquidation Zones Hint at $115K Target
Looking at longer timeframes, CrypNuevo points out a cluster of liquidations between $112K and $114K. These areas tend to attract price movement, especially since they are above Bitcoin’s recent highs.
If Bitcoin can break through this zone, a rise to $115K, a new all-time high, might happen.
This level also matches where many traders’ long leveraged positions could be forced to close, which might speed up the price jump.
Key Support Test Around $106K
However, the short-term picture tells a slightly different story. There’s some liquidation pressure around $105,700, which suggests the price may dip and retest support near $106,000. If Bitcoin holds that level, it could offer a fresh and more favorable entry point for traders.
However, if $106K fails, the price could fall further to the psychological $100K level. CrypNuevo notes this dip could shake weak hands but might also attract long-term buyers.
As of now, Bitcoin is trading around $$109,700, reflecting a slight rise in the last 24 hours, with a market cap hitting $2.18 trillion.
