BTC & ETH Reach New Highs Amid Analyst Caution
The post BTC & ETH Reach New Highs Amid Analyst Caution appeared on BitcoinEthereumNews.com. Bitcoin has reclaimed the psychological milestone of $100,000, reflecting renewed bullish sentiment but also prompting caution among analysts. On May 8, the leading cryptocurrency reached as high as $104,000, surpassing the key six-figure level for the first time since February 2025. While the move above $100,000 is significant, some market observers remain wary about the sustainability of the uptrend. A Rekt Capital analyst emphasized two key points of the current situation: The lunge to the downside is complete. Bitcoin has returned to the upper boundary of its previous reaccumulation range at around $104,500. 1-week chart of BTC/USD. Source: Rekt Capital Keith Alan, co-founder of trading resource Material Indicators, noted that recent rallies have been accompanied by declining volume and repeated wicks below the yearly open, suggesting caution is warranted. Alan commented: “For me, a pump above $95k would invalidate the new signal, but I’d probably consider such a move to be a short squeeze unless we have a catalyst with some substance behind it.” Will there be a support retest? Alan also remarked that a retest of support around the $98,000 level could be more constructive for confirming a reversal than simply breaking above $100,000. He added: “If successful, I would like to see a move above $100,000 and some consolidation with multiple support retests to confirm a reversal above $100,000 before the next macro move to new price highs.” However, he tempered expectations, noting, “Unfortunately, the market gives exactly zero ‘care’ about what I would like to see, so I will continue to watch the charts and trade what I see in front of me”. Network Activity and FOMO Amid the renewed rally, there has been a notable increase in Bitcoin network activity. Analytics firm Santiment reported a surge in new wallet creation, signaling heightened retail interest and potential FOMO. …
The post BTC & ETH Reach New Highs Amid Analyst Caution appeared on BitcoinEthereumNews.com.
Bitcoin has reclaimed the psychological milestone of $100,000, reflecting renewed bullish sentiment but also prompting caution among analysts. On May 8, the leading cryptocurrency reached as high as $104,000, surpassing the key six-figure level for the first time since February 2025. While the move above $100,000 is significant, some market observers remain wary about the sustainability of the uptrend. A Rekt Capital analyst emphasized two key points of the current situation: The lunge to the downside is complete. Bitcoin has returned to the upper boundary of its previous reaccumulation range at around $104,500. 1-week chart of BTC/USD. Source: Rekt Capital Keith Alan, co-founder of trading resource Material Indicators, noted that recent rallies have been accompanied by declining volume and repeated wicks below the yearly open, suggesting caution is warranted. Alan commented: “For me, a pump above $95k would invalidate the new signal, but I’d probably consider such a move to be a short squeeze unless we have a catalyst with some substance behind it.” Will there be a support retest? Alan also remarked that a retest of support around the $98,000 level could be more constructive for confirming a reversal than simply breaking above $100,000. He added: “If successful, I would like to see a move above $100,000 and some consolidation with multiple support retests to confirm a reversal above $100,000 before the next macro move to new price highs.” However, he tempered expectations, noting, “Unfortunately, the market gives exactly zero ‘care’ about what I would like to see, so I will continue to watch the charts and trade what I see in front of me”. Network Activity and FOMO Amid the renewed rally, there has been a notable increase in Bitcoin network activity. Analytics firm Santiment reported a surge in new wallet creation, signaling heightened retail interest and potential FOMO. …
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