Key factors:
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Bitcoin refuses to budge from a slim vary as merchants take into account the doubtless breakout route.
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Price discovery is keenly awaited, however draw back predictions embody ranges additional towards $90,000.
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BTC/USD has delivered extremely patterned strikes since its rebound started in April.
Bitcoin (BTC) saved merchants guessing on the May 16 Wall Street open as consolidation sparked each bullish and bearish forecasts.
“Significant” liquidity builds round BTC value
Data from Cointelegraph Markets Pro and TradingView confirmed BTC/USD shuttling between $103,000 and $104,000 on the day.
Despite beating expectations, the newest US macroeconomic information within the type of the Consumer Price Index (CPI) and Producer Price Index (PPI) prints on May 13 and 15, respectively, didn’t exert a strong influence on short-term value habits.
Instead, merchants targeted on Bitcoin’s latest consolidation phase lower than 10% away from new all-time highs.
“$BTC Has been doing roughly the identical factor for the reason that April lows. Move up, tight consolidation, new leg up,” widespread dealer Daan Crypto Trades wrote in a part of ongoing X evaluation.
“Keep an eye fixed on this native vary and watch for a breakout to both route can be my suggestion.”
A separate publish famous areas of thick liquidity on both facet of the value, doubtlessly offering near-term targets ought to BTC/USD exit its slim vary.
$BTC Liquidation Map displaying a big cluster at $105K-$106K and a ton sitting between $99K-$103K.
This is smart as these are the highs/lows of the present tiny vary we’re consolidating in for the previous week or so.
Lately, we have seen a whole lot of related consolidations and we… pic.twitter.com/y387V1WzsC
— Daan Crypto Trades (@DaanCrypto) May 16, 2025
“Notice the huge focus of lengthy liquidations clustered tightly just under the present value, notably round 10280-10300? This represents a big pool of liquidity,” fellow buying and selling TheKingfisher continued.
“Shorts are extra unfold out greater up. This imbalance makes the zone beneath a key space to look at. It might act as a value magnet, or a set off level for cascading liquidations if value strikes down.”
Another widespread dealer, Crypto Caesar, urged {that a} vary breakout might run deeper and take Bitcoin additional beneath the $100,000 mark.
“If value breaks and holds above this zone, we might see new loopy highs,” he told X followers, referencing a bullish crossover on the weekly shifting common convergence/divergence (MACD) indicator.
“However: a rejection proper right here may result in a pullback towards $90K.”
A rinse-and-repeat Bitcoin breakout?
Like Daan Crypto Trades, analyst Kevin Svenson was eager to see a continuation of the stop-start rebound in place since April.
Related: Bitcoin hitting $220K ‘reasonable’ in 2025, says gold-based forecast
Analyzing 4-hour timeframes on the day, he delivered his subsequent upside BTC/USD goal nicely inside value discovery.
“So far, the measured transfer extrapolations of every leg up on this run have been pinpoint correct,” he wrote.
“If this development continues, if this sample holds, the following goal is $115,000.”
Earlier, Cointelegraph reported on a wide range of BTC value predictions now in pressure, with commentators overwhelmingly favoring upside subsequent.
Zooming out, $1 million per coin might change into actuality in three years’ time or even sooner, based on former BitMEX CEO Arthur Hayes.
This article doesn’t comprise funding recommendation or suggestions. Every funding and buying and selling transfer entails threat, and readers ought to conduct their very own analysis when making a choice.
