- Bitcoin (BTC) has successfully held the $100K support for over a week, despite minor pullbacks.
- Bitcoin has been trading within a tight range of $101K to $104K, with $105K acting as a major resistance level.
Bitcoin (BTC) has been holding its ground above the $100,000 level for more than a week, showing signs of resilience as it continues to consolidate just below its recent highs. As of May 16, 2025, BTC is trading around $103,713, up 1.37% in the last 24 hours, with daily trading volume climbing over 13% to $50.78 billion — a hint that interest might be picking up again.
The price has been moving within a relatively narrow band between $101,760 and $104,305 over the past seven days, with $105,000 proving to be a key resistance level to break. According to data from Bitstamp, Bitcoin briefly touched a 14-week high of $105,700 on May 12 but has since settled into a horizontal pattern, bouncing between resistance at $105K and support near $101.5K.
Biotcoin (BTC) Charts Hint at Accumulation as Bulls Hold Key Levels
On the technical side, things are looking cautiously optimistic. A higher-lows trendline is forming on the 4-hour chart, suggesting steady accumulation even during this consolidation phase. Bitcoin is also holding above the important 0.236 Fibonacci retracement level at $101,989 — drawn from the recent swing low of $93,351 to the peak at $104,508. This indicates that bulls are defending key zones early in the pullback, keeping the broader uptrend intact for now.
Momentum indicators are giving bullish signals as well. The Relative Strength Index (RSI) is currently sitting at 54.48, slightly above the neutral zone, pointing to mild upward pressure. Meanwhile, the MACD has just formed a bullish crossover, with green histogram bars starting to appear — often an early sign that momentum could be turning in favor of buyers.
If BTC can push above the $104,508 mark with volume support, a move toward $106,000 could be on the cards. On the flip side, if prices dip, traders will be watching support zones around $101,989 and $100,431 for signs of strength.
Beyond the charts, institutional demand for Bitcoin remains strong. Brazil’s financial firm Meliuz has added 274.5 BTC to its balance sheet, spending around $28.4 million at an average price of $103,604 per coin. This purchase brings their total holdings to over 320 BTC. At the same time, BlackRock’s spot Bitcoin ETF (IBIT) recorded a massive $410 million in inflows on May 15, continuing to lead U.S.-based Bitcoin ETFs in market activity.
Overall, Bitcoin is showing strength despite a tight range. If bullish momentum builds and breaks the consolidation ceiling, we could see another leg up. But for now, traders are closely monitoring the $105K barrier as the next key hurdle on BTC’s path.
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