Bitcoin’s (BTC) rise above $105,000 on May 20, 2025, has reignited curiosity about its potential ceiling and the forces propelling its current rally. As investors and analysts speculate on how high Bitcoin can climb, today’s surge, fueled by institutional inflows, bullish technical patterns, and macroeconomic tailwinds, offers clues to its trajectory.
Drawing from expert insights, on-chain data, and market trends, this article explores why Bitcoin is soaring today and what price levels it might reach in the near and long term.
From a technical analysis perspective, two things seem important: a bullish pin bar on the BTC daily chart and a potential golden cross.
Why Is Bitcoin Going Up Today?
Bitcoin’s price surged over 3% in the last 24 hours, reaching an intraday high of $106,851 on May 20, 2025, from yesterday’s $102,100 the previous day, according to CoinMarketCap and TradingView.
Several key factors are driving this rally. Dr. Kirill Kretov from CoinPanel provides insight into the current market dynamics:
“From an on-chain perspective, the current Bitcoin setup closely resembles the pre-bull run structure we saw in early 2021. While we are not seeing the breakout yet, the conditions for a major move are rapidly forming.”
- Growing Institutional Demand and ETF Inflows
- High Open Interest in Futures Markets
- Macroeconomic Tailwinds
Bullish Technical Patterns on Bitcoin chart
Additionally, a bullish pin bar candle near the $105,000 support level, identified in my technical analysis, signals strong buying pressure defending this key zone. This level aligns with local highs from early May, reinforcing its significance.
The upcoming golden cross, where the 50-day simple moving average (SMA) crosses above the 200-day SMA, further supports bullish sentiment. Past golden crosses in October 2023 and September 2021 led to 45–60% price rallies, though a February 2020 bull trap serves as a reminder of potential risks.
“We are now in a thin liquidity environment, where it wouldn’t take much to move the price significantly,” added Kretov. “Technically, formations like the potential bullish pin bar candle near $105K support are worth watching, but price action alone doesn’t tell the full story. Structurally, barriers to upward movement are largely gone. That said, volatility remains elevated, and large players continue to extract profits from both sides, often farming funding rates and arbitraging between markets.”
How High Can Bitcoin Go?
Bitcoin’s potential price ceiling depends on a mix of technical, on-chain, and fundamental factors. Here’s a breakdown of projections and scenarios:
Potential Risks
While the outlook is bullish, risks remain:
Key Support and Resistance Levels
| Level | Price Range | Description |
|---|---|---|
| Resistance 1 | $106,000–$109,000 | Neckline and previous all-time high |
| Resistance 2 | $130,000–$138,000 | Cup-and-handle target and Q3 projection |
| Support 1 | $97,000–$98,500 | Near-term support zone |
| Support 2 | $92,400–$95,000 | Aligns with 50-day and 200-day EMAs |
| Support 3 | $90,000–$91,000 | 2024 support zone, deeper correction level |
Why Bitcoin’s Rally Could Continue
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