The Bitcoin price performance has been outstanding over the past week, achieving a new all-time high. In the late hours of Thursday, May 22, the premier cryptocurrency reached a fresh record-high price of $111,807.
Firstly, this bearish projection revolves around the appearance of a long-term trendline on the daily BTC chart. As observed in the chart below, the trendline acts as a resistance level for the Bitcoin price, precipitating multiple rejections since early 2021.
Additionally, the 2021 cycle top (and then all-time-high price) around $69,000 came about after reaching this long-term trendline. Most recently, Bitcoin’s previous all-time-high price of $108,786 culminated around this long-term resistance level.
Wedson also noted that the Bitcoin Aggregated Liquidation Levels Heatmap supports the $113,000 – $114,000 local top theory. According to the liquidation data, the Bitcoin price has suffered a pullback around the $110,000 level over the past six months.
The price of Bitcoin fell beneath the $109,000 level in the late hours of Friday in what looked like a reaction to United States President Donald Trump’s tariff threat on European Union goods. As of this writing, the flagship cryptocurrency is valued at around $108,500, with a 2.3% price decline in the last 24 hours.
