Bitcoin (BTC) Price is on a Tear, Flexing Its Muscles at $106,313

Bitcoin price is on an absolute tear right now. As of this morning, May 21, 2025, at 5:38 a.m. EST, the king of crypto is flexing hard at $106,313, a 0.2% drop

May 21, 2025 – Bitcoin price is on an absolute tear right now. As of this morning, May 21, at 5:38 a.m. EST, the king of crypto is flexing hard at $106,313, a 0.2% drop in the last 1 hour after hitting an intra-day high of $107,844.

That’s just a sneeze away from its all-time high (ATH) of $109,026, hit back on January 20, 2025. Meanwhile, 99% of Bitcoin holders are in profit as analysts question whether BTC will smash through its ATH today.

Bitcoin Price Gains 0.4% As 99% Of All Holders Enjoy Profit

According to blockchain analytics firm IntoTheBlock, 99% of all Bitcoin holders are in profit, which is giving major “to the moon” energy.

Their chart shows that 1% are at break-even, and 0% are in losses. When 99% of holders are stacking gains, it means the market sentiment is bullish.

HODLers are optimistic, and this kind of momentum often fuels more buying as everyone wants a piece of the action when the gains are this juicy.

This sentiment is supported by data from Coinglass Liquidation Map, which shows that after hitting $107,844, some traders upped their bids, opening more long positions around $105,300-$106,077.

On the higher side, there are huge shorts around $108,519. However, the longs exceed the shorts, meaning traders are bullish overall on the BTC price.

Bitcoin Price Eyes 17% Jump To $124,000

Bitcoin prices are currently in an upward trend. It is above both the 50-day SMA ($92,841.20) and 200-day SMA ($93,179.36), which confirms bullish momentum.

What’s more, a “Golden Cross” is almost forming, which is a very strong bullish signal. It occurs when the short-term average moves above the long-term average. In this case, the 50-day SMA is set to cross above the 200-day SMA.

Recent candles show strong bullish continuation, confirming a breakout above the previous horizontal resistance zone (highlighted yellow). One precise conclusion (confirmed by the liquidation map previously) is that buyers remain in control, with no clear signs of reversal.

Up ahead, the BTC price faces resistance of around $124,800. However, if market conditions turn bearish, the asset may drop to $97,300, which is significant support from the previous resistance zone.

Looking at the bigger picture, the trends are bullish. The relative strength index (RSI), at 69.15, shows the market is in the overbought zone, which could mean a pullback. But the momentum is still strong, signaling that the current Bitcoin uptrend may continue.

What’s Driving This Bitcoin Price Pump?

For one, Americans are choosing Bitcoin over gold, and that’s a massive win for crypto adoption as BTC is becoming the new “digital gold.”

Plus, liquidating short positions adds fuel to the fire, pushing prices higher as bears get rekt. Data from Coinglass shows there were more short liquidations than longs in the past 24 hours.

In the past 24 hours, 90,312 traders were liquidated, with the most significant single liquidation order being of Bitcoin worth $1.97 million on Bybit.