Bitcoin (BTC) Price Hits New All-Time High of USD 109,458

Bitcoin (BTC) has surged impressively since April 7, hitting a new all-time high of USD 109,458 on May 21. The rally has been parabolic

Bitcoin price today, May 21: Bitcoin (BTC) has surged impressively since April 7, hitting a new all-time high of USD 109,458 on May 21. The rally has been parabolic, with minimal pullbacks. The crypto behemoth faced a slight setback, slipping below the USD 108,000 support level on Saturday.

However, BTC recovered quickly and went on to set a new ATH, which is about 10.65% higher than last week's reading of USD 67,050 billion. Among exchanges, Binance contributed the most to the weekly futures open interest, which increased by USD 12.28 billion.

The Bitcoin futures open interest is currently at its highest level since December 2022. At the beginning of the year, the indicator fell below USD 30 billion as Bitcoin price faced difficulties staying above the USD 15,000 support level.

The cryptocurrency then bounced back to hit highs of around USD 25,000 in February, and futures open interest also climbed above USD 50 billion. However, Bitcoin faced another setback in March, slipping below USD 20,000.

As Bitcoin price hovers around the USD 108,000 mark, it is facing resistance from the 38.2% Fibonacci retracement level of the 2023 price range. A break above this level could open the door for a move towards the 50% Fibonacci retracement level of around USD 125,000.

On the other hand, if Bitcoin price pulls back, the next support level is at the 23.6% Fibonacci retracement level of around USD 96,000. A further decline could see the price test the 0 Fibonacci retracement level, which is at the beginning of the 2023 yearly candle.

Overall, Bitcoin price is showing signs of an upward trend, but it faces resistance at the 38.2% Fibonacci retracement level. If the bulls can push the price higher, we could see a move towards the 50% Fibonacci retracement level. However, if the bears regain control, the next support level is at the 23.6% Fibonacci retracement level.

Bitcoin price predictions for 2025 are varied, with some analysts expecting the price to hit new all-time highs, while others predict a more modest rise. The cryptocurrency's price will ultimately be determined by the balance of supply and demand.

As of 07:00GMT on Saturday, Bitcoin price was trading at USD 106,345. It had hit an intraday high of USD 109,458 and a low of USD 105,000.