Bitcoin price stood at $103,641 to $104,091

Bitcoin price stood at $103,641 to $104,091 over the last hour on May 16, 2025, with a market capitalization of $2.05 trillion.

Bitcoin price traded at an hour-high of $104,091 on Tuesday, May 16, as the cryptocurrency faced resistance in gaining momentum above the $100K range, where it had stayed for the last nine days.

Bitcoin

Bitcoin’s daily chart displayed a pronounced bullish trend with a technical perspective. The price showed a steep ascent from around $79,000 to the $105,000 resistance zone, accompanied by diminishing volume as it approached this resistance. This indicated hesitance among market participants at current levels. The tight-bodied candlesticks at this resistance also showed indecision, forming a potential distribution area. A breakout above $105,000, especially if confirmed by increased volume, would signal bullish continuation. Conversely, a retreat below the $100,000 threshold could encourage profit-taking or initiate a correction phase.

On the 4-hour chart, bitcoin appeared locked in a range-bound structure with bearish undertones. Resistance was encountered at $105,000, while support was defined near $100,000. Notably, selling volume spiked during downward moves, highlighting strong supply pressure during dips. Following repeated rejections at resistance and a sequence of lower highs, the current price consolidation between $103,000 and $104,000 could break to the downside. A recovery beyond $105,000 on robust volume may reestablish bullish momentum, but a drop below $100,000 would reinforce bearish sentiment.

Bitcoin’s hourly chart displayed weak consolidation behavior following a failed recovery attempt. After touching a local high of $104,457, bitcoin struggled to maintain upward traction, with its price confined to a narrow channel between $103,000 and $104,000. The decline in trading volume further hinted at a pending volatility expansion. Seller dominance was evident, particularly after the rejection at $104,500. A strong move above that level with rising volume could indicate a potential intraday breakout, while failure to hold above $101,000 may prompt stop-loss activations.

Oscillator data reflected a market at a crossroads. The relative strength index (RSI) at 70, Stochastic at 84, commodity channel index (CCI) at 82, average directional index (ADX) at 34, and Awesome oscillator at 8,991 all signaled neutral momentum. However, the momentum indicator at 7,102 leaned bearish, while the moving average convergence divergence (MACD) level at 3,884 suggested a positive signal. This divergence between indicators highlighted a conflicted market outlook, reinforcing the importance of price action and volume analysis for confirming directional bias.

Support from moving averages (MAs) remained consistently bullish. All short- to long-term averages—ranging from the 10-period exponential moving average (EMA) at 102,359 to the 200-period simple moving average (SMA) at 92,316—were in bullish territory. This alignment signaled underlying strength, though the immediate consolidation required vigilance. With the broader trend intact but short-term direction uncertain, traders were advised to maintain disciplined risk controls and await confirmation before initiating sizable positions.

Bull Verdict:

Bitcoin displayed a structurally bullish backdrop supported by strong positioning above all major exponential moving averages (EMAs) and simple moving averages (SMAs), spanning short to long timeframes. The MACD (moving average convergence divergence) remained in buy mode, suggesting latent upward momentum. If the price could decisively break and hold above the $105,000 resistance with a surge in volume, a renewed rally toward new highs was likely.

Bear Verdict:

Despite longer-term strength, bitcoin showed short-term vulnerability through neutral-to-bearish oscillator readings and repeated failures at the $105,000 resistance. Consolidation with low volume on the hourly and 4-hour charts, along with increasing sell pressure on dips, hinted at a potential correction. A breakdown below $100,000 would validate a bearish shift and could trigger a decline toward the $95,000–$90,000 support region.