- Bitcoin (BTC) is trading at $105,177, up 2.10%, at a market capitalization of 2.08T.
- The RSI at 71.06 suggests a strong but bought momentum.
Bitcoin (BTC) rose above $105,000 on May 18, reaffirming its strong bullish momentum, recording a gain of 2.10% every day. Global crypto market capitalization rose 2.10% to $3.34 trillion, due to increased investors’ trust.
BTC currently trades at $105,177.36 with a market capitalization of $2.08 trillion, reflecting a 1.83% increase over the past 24 hours. The 24-hour trading volume surged to $363.1 billion, showing an increase of 11.23%. The market-to-cap ratio is 1.74%, indicating healthy liquidity conditions.
Will BTC increase even more rapidly?
Currently, the circular supply of Bitcoin coincides with the total supply and 19.86 million, with the maximum cap of 21 million BTC. Demand is growing as institutional investors and spot Bitcoin ETFs continue to accumulate nearly four times the amount of newly mined BTC.
These influxes quickly tightened supply. Additionally, for over five months, it has won $10 billion in Bitcointing on MicroStrategy alone, showing a growing institutional appetite and a deeper corporate shift towards digital assets.
Technically, Bitcoin maintains a solid uptrend structure. However, on the daily charts, price-holding companies exceed the nine- and 21-day moving averages, exceeding $103,893.57 and $99,857.90, respectively. The bullish crossover that took place in mid-April continues to signal the upward continuation. These moving averages now serve as dynamic support zones.
The RSI (Relative Strength Index) is printed at 71.06 and hovered just above the 70 excess threshold, suggesting strong purchase momentum, but with careful attention to potential short-term pullbacks.
The RSI average of 70.08 strengthens the current trend intensity and is closely aligned. If momentum applies, Bitcoin can expand its profits towards a $110,000 psychological barrier. However, weakening of RSI could result in fixes to $100,000 in support.
The closest resistance is $106,000. A clean breakout on it could pave the way for $112,000. Conversely, if BTC fails to maintain above $103,000, you can test support from the 21-day moving average and previous integration ranges of nearly $100,000.
The Chaikin Money Flow (CMF) is not visually shown on the chart, but remains positive given the volume spike and price rise, indicating a sustained capital inflow. A sustained break above the resistance level could mark a new stage of price discovery.