Bitcoin Hits $108,000 — All-Time High in Market Sights

Over the last 24 hours, Bitcoin tested $108,000, coming within $1K of its historical peak. The rally sparked optimism, but market sentiment cooled as U.S. macroeconomic concerns and profit-taking drove the price down to $106,000.

Volatility increased sharply overnight, yet liquidations remained modest at $252 million, with longs and shorts almost evenly matched. However, short positions on BTC were hit harder, while Ethereum (ETH) long traders saw the greatest losses — highlighting shifting risk across major assets.

CoinMarketCap sentiment indicators show no significant investor confidence shift:

• Fear & Greed Index: 69 — signaling continued greed,
• BTC dominance: 63%,
• Altseason Index: 25 — confirming Bitcoin season.

Interestingly, traditional markets appear more stable: the S&P 500 has barely moved, while gold (+3%) and oil (+2%) posted solid gains — underlining how commodities are outpacing both stocks and crypto in volatility.

Bearish Divergence Emerges, But Bitcoin Bulls Stay Strong

Bitcoin remains solid above $105K, maintaining critical support despite recent pullbacks. With price action approaching uncharted territory, only the ATH stands as a reference point, leaving little technical resistance ahead. However, growing signs of a bearish divergence suggest momentum may be tilting toward the bears — even as bullish sentiment remains resilient.

Technical strategist Gert van Lagen suggests that a move above $107,000 could initiate a high-volume short liquidation event. CoinGlass data points to potential liquidations of up to $3 billion should BTC hit $110,000, which may accelerate bullish momentum. However, such projections are based on gross margin exposure and do not factor in risk controls like stop-losses, making the real liquidation impact potentially lower than estimated.

ETF Momentum, Dollar Weakness, and BTC Price Predictions

On May 20, total net inflows into U.S. spot Bitcoin ETFs reached $329.2M, with BlackRock’s iShares Bitcoin Trust (IBIT) capturing $287.5M of that sum. Spot Ethereum ETFs continued their upward trend as well, securing $137.9M in net inflows over six consecutive trading days.

Bitcoin is advancing toward record highs at a surprising pace, according to Michael van de Poppe, co-founder of MN Fund. He sees BTC potentially reaching $120,000, followed by $150,000 and even $200,000. Van de Poppe attributes this momentum to a fundamental macro shift — the ongoing erosion of the U.S. dollar’s global strength.

The trend is confirmed by the Dollar Index (DXY), a benchmark measuring the U.S. dollar’s performance against six major global currencies. Since January 2025, DXY has been on a consistent downward trajectory. A weaker dollar typically boosts commodity prices, dampens foreign capital inflows into the U.S., and contributes to inflationary pressures — all factors that enhance Bitcoin’s digital gold appeal as a hedge and store of value.