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crypto.news 2025-05-21 14:07:43

Bitcoin inches toward new all-time high: strong market structure signals breakout this week

Bitcoin is just 3% shy of a new all-time high, and the current market structure suggests a breakout is imminent. Key technical signals point to strong bullish momentum. Bitcoin ( BTC ) is on the verge of making history again as it approaches a new all-time high. After months of bearish structure defined by the 21 EMA, a major shift has taken place. A recent breakout above this level flipped market sentiment, creating a strong foundation for higher prices. With the price structure now showing clear signs of strength, a new ATH could be just around the corner, potentially within the week. Key technical points 21 EMA Flip: The 21 exponential moving average, which previously acted as resistance, is now confirmed support. Bullish Market Structure: Bitcoin has formed consistent higher highs and higher lows. Key Support Level: $102,790 is the critical support to maintain current bullish momentum. BTCUSDT (1D) Chart, Source: TradingView Following the previous all-time high, Bitcoin entered a corrective phase, where price action was consistently rejected at the 21 EMA. This moving average defined the bearish structure, acting as dynamic resistance and leading to repeated pullbacks. However, once the swing low was established at $74,448, a significant surge in volume triggered a strong bullish reaction. This breakout was marked by bullish engulfing candles and a clear flip of the 21 EMA into support, a technical event that signaled the end of the bearish trend. Since then, Bitcoin has continued to respect the 21 EMA, bouncing off it to form new higher highs and higher lows, the textbook definition of a bullish market structure. The shift in momentum has also been supported by an uptick in trading volume and positive funding rates across major derivatives exchanges. These metrics reflect growing confidence among market participants, suggesting that institutional and retail investors alike are positioning for further upside as Bitcoin approaches price discovery territory. You might also like: Bonk price could slump soon as whales, smart money dump tokens The current key level to monitor is $102,790. As long as Bitcoin holds above this support, the upward trend remains intact. The consistency in structure and momentum suggests that a new ATH is not just possible but likely, especially with only 3% separating price from its previous peak. What to expect in the coming price action If Bitcoin maintains support at $102,790, a breakout to new all-time highs could occur as early as this week. The strong bullish market structure and momentum-driven rally suggest that buyers are in control, and the stage is set for continued upside. Read more: Circle launches Circle Payments Network for real-time stablecoin payments

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