Bitcoin (BTC) Price Explodes Past $104,000, Setting a Bullish Tone for Crypto Market

Bitcoin's explosive rally past $104,000 has set a bullish tone for the crypto market heading into the new week. Positive sentiment around US-China trade talks and strong institutional inflows have pushed BTC to its highest levels since January.

Cryptocurrency prices have been closely watched by investors amid the ongoing turbulence in the macroeconomic environment. The world's largest cryptocurrency, Bitcoin (BTC), crossed the $104,000 mark on Monday amid optimism over U.S.-China trade developments.

Bitcoin managed to stay above the $100,000 level for three consecutive days. The cryptocurrency slipped slightly from the highs hit on Thursday, May 11, as it last traded at $103,344 at the time of writing.

Bitcoin price showed a nearly 10% weekly gain, largely driven by optimism over U.S.-China trade talks and strong institutional inflows. Analysts noted that the cryptocurrency showed signs of fatigue after its explosive rally, setting the stage for a potential pullback.

Cryptocurrencies are known for their high volatility, and in the rapidly changing market, staying ahead of the curve is crucial for any investor. From the biggest crypto events to the latest price movements, we've got you covered.

Here are the top crypto events to watch this week:

The world’s biggest cryptocurrency, Bitcoin (BTC), is up 9% for the week as it remains in consolidation above $94K. The cryptocurrency is now poised for more gains.

The crypto market has seen a wave of institutional interest in recent months, with several major players applying for Bitcoin ETFs.

The total crypto market cap is now down to $3.49 trillion. This comes after it slipped from $3.55 trillion last Friday, May 9.

Bitcoin

Bitcoin price rose past $94,000 on Monday amid optimism over U.S.-China trade developments. BTC recovered slightly from its lows hit on Saturday, May 6, as it last traded at $94,336 at the time of writing.

Bitcoin is down 3%, extending Friday’s losses. The cryptocurrency slid from the seven-week highs hit on Thursday, May 11, at $104,916.95.

On-chain data showed that retail interest in Bitcoin spiked, leading to the creation of 350,000 new BTC wallets in a single day. A crypto analytics platform, Glassnode, noted that this was the largest one-day spike in new wallets since January 2023.

The analysis showed a strong correlation between the spikes in new wallets and significant price movements. Typically, when there was a large influx of new users, it coincided with the bottom of a bear market or the beginning of a bull market.

The analysis showed that the cryptocurrency remained in a strong bullish trend, despite slipping from the 2023 highs hit last week.

Analysts noted that the U.S. and China were making progress on a trade agreement, which could help to ease broader macroeconomic concerns.

Moreover, institutional interest in crypto remained strong, with U.S. spot Bitcoin ETFs seeing a record $40.3 billion in cumulative inflows.

The world’s biggest cryptocurrency was also showing signs of fatigue after its explosive rally. Analysts warned that the cryptocurrency could be due for a correction in the short term.

Crypto Prices Today: Top Cryptocurrency Prices Live In Real Time

Despite the slip from the seven-week highs, Bitcoin still showed a nearly 10% weekly gain. The cryptocurrency slid from the 2023 highs of $104,916.95, hit on Thursday, May 11.

Its recovery from the 2023 lows of $15,480, reached in December 2022, stalled at a crucial Fibonacci level of $94,000. Any further recovery could be limited by the 100% Fibonacci level at $108,286.54.

On the other hand, Ethereum price slipped from the 24-hour highs of $1,909.36. The second-biggest cryptocurrency slid as macroeconomic data dampened broader market mood.

The cryptocurrency was last trading at $1,864.14, down 1%. Ether had slipped from the seven-week highs of $2,583.41, reached on Thursday. Its recovery from the 2023 lows of $1,000, hit in January, stalled at the $1,700 level.

Further recovery could be limited by the 38.2% Fibonacci level at $2,070.

Ether price showed a nearly 40% weekly gain, driven by the Pectra upgrade.

Ethereum

Ethereum price slipped on Monday as macroeconomic data dampened broader market mood.

The cryptocurrency was last trading at $1,864.14 at the time of writing, down 1%. Ether had slipped from the seven-week highs of $2,583.41, reached