Analysis: If BTC closes above $104,500 this week, it may start a second round of price discovery trend

Odaily Planet Daily News BTC price broke through $105,000 before the weekly close on May 11, setting a multi-month high. Rekt Capital said, "Bitcoin's key weekly closing price level is about $104,500, which must be turned into support. Bitcoin is on the verge of starting a second round of price discovery and rising trend. Whether Bitcoin can stand on the upper edge of the recently regained reaccumulation range at the close of this week is very critical." Market data shows that current liquidity is mainly concentrated near the current price, and $106,000 has become the next key resistance level. However, some traders are cautious about the short-term trend, worrying that the current rise may be a "false breakthrough" and may fall back to $102,000 or lower. (Cointelegraph)