Key points:
Bitcoin tags $108,000 for the first time since the day of its current all-time highs in January.
Traders and analysts mention support extending toward $90,000, but the probability of a retest is fading.
Near-term upside targets include a “blow-off top” at $128,000.
Bitcoin (BTC) spiked to more than $108,000 on May 21, marking new four-month highs. Where will BTC/USD go next?
Crypto traders and analysts are lining up their forecasts with BTC price action less than 1.5% away from new all-time highs.
BTC price support test now “less likely”
Bitcoin continues to coil below what is now its most significant psychological resistance barrier, January’s all-time highs.
BTC/USD 1-day chart. Source: Cointelegraph/TradingView
At $109,356 on Bitstamp, per data from Cointelegraph Markets Pro and TradingView, that seminal line in the sand is what bulls are attempting to bring back into play this week.
Volatility is picking up; BTC/USD