Bitcoin (BTC) Decisive Move Above $106,800

Bitcoin's (CRYPTO: BTC) decisive move above $106,800 signals a fresh leg in its bull cycle, with eyes now on the $116,000–$128,000 range as the next key resistance.

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Bitcoin (CRYPTO: BTC) decisively moved above $106,800, signaling a fresh leg in its bull cycle, according to renowned crypto analyst Kevin. As Bitcoin navigates this new terrain, the next key resistance is envisioned in the $116,000–$128,000 range.

In his podcast update on May 21, Kevin highlighted that this breakout aligns perfectly with a long-standing technical roadmap he's followed since late 2024.

"We're finally seeing it play out exactly as planned," Kevin asserted.

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What Happened: The crypto market is heating up, with Bitcoin, the flagship cryptocurrency, making a decisive move. As the dust settles on May 21, Bitcoin is showing signs of a fresh leg in its bull cycle.

According to renowned crypto analyst Kevin, who has been closely monitoring the technical landscape, this breakout aligns perfectly with a technical roadmap he's followed since late 2024.

"We're finally seeing it play out exactly as planned," Kevin said in his latest podcast update.

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According to the analysis, this breakout will be confirmed only if Bitcoin closes multiple days above $106,800. If this scenario unfolds, the next logical zone of resistance comes into play—the $116,000–$128,000 range.

"There's a cluster of resistance here," explained Kevin, adding that this will be the final crucial level to clear for a continuation of the strong bull market that we saw in the first half of 2024.

The technical analysis also revealed that Dogecoin (CRYPTO: DOGE) is outperforming, "holding up better than most altcoins against Bitcoin." In contrast, many others are still printing new lows on BTC pairs.

Top Gainers (May 21)

On Monday, the market reacted to a report from the Bank for International Settlements (BIS) and the International Monetary Fund (IMF). The report highlighted the potential risks posed by crypto stablecoins to the financial system.

The report, titled "Insuring the Future of Money," stated that stablecoins, which are cryptocurrencies pegged to fiat currencies like the dollar, could present stability problems if they become widely used for payments.

"If a large share of the population were to hold and use stablecoins in a new, parallel private system, the lines of defense in case of stress or failure might not be clear," the report warned.

The report also mentioned that if a large number of people shifted their bank deposits to stablecoins, it could "reduce the banks' franchise value and might impair the central bank's ability to conduct monetary policy."

However, the report acknowledged that cryptocurrencies could potentially benefit emerging market economies by providing access to the financial system and broadening the range of investment products available.

The report concluded by suggesting collaboration between central banks and the private sector to "build a common vision for the future of money."

"This will require a collective effort to ensure financial stability and the smooth functioning of the monetary system in an innovative and rapidly changing world," the report said.

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