Bitcoin bulldozed its way toward $105,000 this week, continuing a fierce comeback after April’s brutal nosedive. The leading cryptocurrency has staged an impressive 39.1% rebound since hitting rock bottom at $74,600 in mid-April, proving yet again that crypto markets love a good drama.
The recovery hasn’t been subtle. Bitcoin‘s price leaped 10.7% in early May before taking a breather, with recent trading confined to a relatively boring $101,000-$105,000 range. Traders watched as Bitcoin briefly flirted with $105,000 before settling around $104,400 – a classic “almost there” moment that has become crypto’s signature tease. Major Bitcoin whales demonstrated their market confidence by acquiring 2,180 BTC on May 15th. The current market shows signs of price fatigue as Bitcoin struggles to maintain momentum above the $102,000 level. The cryptocurrency’s SHA-256 encryption ensures that every transaction remains secure and immutable.
Market catalysts came from unexpected places. President Trump, speaking at the Saudi-U.S. Investment Forum in Riyadh, couldn’t resist hinting that markets “could go a lot higher.” Meanwhile, Coinbase made history by joining the S&P 500, sending its shares soaring 24% and dragging the entire crypto market along for the ride.
Market momentum got an unexpected boost from Trump’s bullish remarks in Riyadh and Coinbase’s landmark S&P 500 inclusion.
The broader market seemed to catch Bitcoin’s infectious optimism. Alternative cryptocurrencies in the Coin 20 outperformed Bitcoin, with Ethereum climbing over 9% to reach $2,700. Even newer players like Eigenlayer and EtherFi saw their tokens surge 20-30% in daily gains.
Traditional markets joined the party too, with the Nasdaq and S&P 500 posting gains of 1.6% and 0.75% respectively.
Technical analysts, ever ready with their crystal balls, have spotted a pattern. According to trader Alan, Bitcoin tends to leap about $10,000 before taking a week-long nap – or as market professionals call it, “sideways consolidation.” Current patterns suggest Bitcoin might be eyeing $115,000, though it’s currently playing ping-pong between $101,000 and $105,000.
With April’s Consumer Price Index coming in lower than expected and Federal Reserve Chair Jerome’s upcoming speech, the market seems to be holding its breath. After January’s crash from $109,000, this recovery has shown that Bitcoin’s resilience remains one of its most predictable features.
