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Bitcoin Faces $105,000 Resistance, Altcoins Show Mixed Signals

Coin WorldFriday, May 16, 2025 5:19 am ET

1min read

Bitcoin's price has been fluctuating around $103,922, facing strong resistance between the $104,000 and $105,000 levels. This resistance has caused a temporary slowdown in Bitcoin's growth, leading to a slight bearish sentiment among traders. However, according to on-chain analytics firm Santiment, such resistance often leads to a market bounce back, suggesting that another price push might be imminent.

The Crypto Fear and Greed Index currently stands at 69, indicating a high level of greed in the market. While this excitement can drive rallies, it also signals that prices might be overheating. This situation calls for a balance of optimism and caution.

Bitcoin is currently struggling to surpass the $105,000 resistance level. If market conditions deteriorate, Bitcoin could drop towards $100,000, delaying further gains. Conversely, if it manages to break through the $105,000 barrier, it could pave the way for a rally towards $110,000, potentially setting new all-time highs for the entire market.

Despite a decline in spot Bitcoin ETF inflows from $3 billion in late April to $228 million this week, analysts maintain that the market remains robust. This resilience is attributed to a steady boost from private bank credit growth in the US and Europe, which is helping to propel Bitcoin higher. However, this upward trend could face challenges after July.

Among altcoins, XRP experienced the most significant loss, dropping over 3% in the past day. Ethereum, however, has held steady above $2,500, displaying bullish signs. Other altcoins such as Binance Coin, Solana, Cardano, and Dogecoin remained relatively stable, while Tether (USDT) maintained its value at $1.

Analyst Michaël van de Poppe noted that small corrections are occurring in the altcoin market. Given the downtrend in gold, he anticipates more gains in the near future. This rally, unlike previous ones driven by massive central bank money injections, is supported by a quiet boost from private bank credit growth in the US and Europe. This steady support is helping to push Bitcoin higher, although challenges may arise after July.

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