Bitcoin price inches closer to new all-time high as ETH, DOGE, PEPE and ATOM rally
Key points:Bitcoin holds on to its recent gains, increasing the possibility of a retest of the all-time high at $109,588.BlackRock’s spot Bitcoin ETF records 19 days of successive inflows, showing solid demand. Select altcoins are showing strength, having broken out of their large basing patterns.Bitcoin (https://cointelegraph.com/bitcoin-price
) broke out of the large base when it closed above $5.15 on May 10. That signals a potential trend change.
ATOM/USDT daily chart. Source: Cointelegraph/TradingViewHowever, the bears are unlikely to give up easily. They will try to pull the price back below the $5.15 level. If they manage to do that, the aggressive bulls may get trapped, pulling the price to the moving averages. Alternatively, if buyers sustain the price above $5.15, the ATOM/USDT pair could pick up momentum and rally to $6.50. Sellers will try to halt the up move at $6.50, but if the bulls prevail, the pair could rally to $7.50.
ATOM/USDT 4-hour chart. Source: Cointelegraph/TradingViewThe sharp rally has pushed the RSI into the overbought zone on the 4-hour chart, suggesting a short-term correction or consolidation. The bulls will have to defend the critical $5.15 level if they want to keep the positive momentum intact. If they manage to do that, the pair could rally to $6.60.Contrarily, a break and close below $5.15 could pull the price down to the 20-EMA. This is an important level to watch out for because a break below it may sink the pair to $4.70.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
https://images.cointelegraph.com/images/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjUtMDUvMDE5NmMwNjMtM2QzOC03OTA3LTk3N2MtNTU5Mzk5M2UwMTFi.jpg
https://cointelegraph.com/news/bitcoin-price-inches-closer-to-new-all-time-high-as-eth-doge-pepe-and-atom-rally?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound
@ Cointelegraph.com News (RSS Feed)
2025-05-11 18:35:07Bitcoin price inches closer to new all-time high as ETH, DOGE, PEPE and ATOM rally