Key points:
-
Bitcoin price is stuck in a range, with overhead resistance at $110,000 continuing to obstruct a rally to new all-time highs.
-
Traders are in a wait-and-see mood due to uncertainty surrounding macroeconomic events.
Bitcoin’s (BTC) bull run has stalled, with the price consolidating within a roughly $3,500 range since May 23. The $110,000 level proves to be a stubborn barrier.
Let’s look at some of the reasons why Bitcoin price remains stuck.
Bitcoin runs into resistance at $110,000
Data from Cointelegraph Markets Pro and Bitstamp shows that BTC price oscillates within a tight range between $106,600 and $110,700, with no clear directional bias.
BTC price has “broken out of the triangle pattern and is moving upward,” but a key resistance level is at $110,000, said analyst and trader BitMonty in his latest Bitcoin analysis on X.
Over the past few days, Bitcoin bulls have made two unsuccessful attempts to break above the resistance at $110,000.
The trader pointed out that a breakout above this level could propel BTC to new all-time highs.
“However, if the price is rejected at this level, it may retreat toward the support area.”
For market intelligence firm Santiment, failure to grow past the $110,000 level has led to waning enthusiasm among traders.
Traders are showing a bit of FOMO as Bitcoin’s price ranges around $110,000, but the “euphoria has calmed down a bit,” the firm explained in an X post, adding:
“With markets moving in the opposite direction of retailers’ expectations, we may continue to see some reasonable doubt.”
Bitcoin cools amid macroeconomic uncertainty
This week’s macroeconomic events add doubt and hesitation to the crypto market while rising bond yields are causing concern.
The release of the Federal Reserve’s latest meeting minutes is a focal point as investors seek clues about future interest rate decisions. On May 7, the US Federal Reserve left interest rates unchanged, with Chair Jerome Powell citing President Donald Trump’s tariff measures as a source of inflation and uncertainty.
This week, the April Personal Consumption Expenditures (PCE) Index print and initial jobless claims are due on May 29. These will follow the first revision of Q1 GDP.
Meanwhile, AI giant Nvidia’s earnings report could move tech markets, indirectly affecting cryptocurrencies. A disappointing report could trigger broader market sell-offs, further pressuring Bitcoin.
Moreover, the ongoing 2025 Bitcoin conference in Las Vegas features speeches from Trump family members, whose past appearances have triggered sharp market movements.
“Last July’s Nashville keynote by Trump coincided with a sharp spike in 1-day implied vols above 90, followed by a swift reversal and a nearly 30% decline in BTC within two days. That episode continues to shape market memory,” said trading firm QCP Capital in a May 27 Telegram note to investors, adding:
“While the probability of a similar drawdown appears low, positioning suggests a defensive tilt.”
Bitcoin bulls fight to hold key support levels
Meanwhile, popular trader Daan Crypto Trades said that the “longer price hovers around” the $110,000 region, the thicker the liquidity clusters above and below will become.
“There’s a big liquidity cluster down at $106K and quite a few sitting from $111K and up,” part of his X post said. “The main level to look out for would be the all-time highs above $111,000 and below, all the way down to $105,000, which was the start of the recent move.”
Daan Crypto Trades added:
“Keep an eye out for when price taps either of these regions as those usually act as a magnet when price is close.”
For MN Capital founder Michael van de Poppe, $102,000-$104,500 is a crucial area to hold to ensure upward momentum does not fade.
As Cointelegraph reported, Bitcoin has entered an “overheated zone” where prolonged profit-taking could stall BTC price growth in the short term.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
