BTC consolidates near $104K with $102K as key support, while technical indicators suggest a new ATH is formingBitcoin (BTC) held steady around $104,000 during the May 12 Wall Street open, consolidating after a strong rally spurred by the U.S.–China trade agreement. As stocks surged and the U.S. dollar index (DXY) hit a 1-month high, BTC positioned itself between risk-on momentum and macro recalibration.Key Highlights:BTC consolidates after 3-day rally, trading in the $103K–$105K rangeDXY hits 1-month high as US-China deal reduces recession and rate cut fearsTraders eye $102,000 as a liquidation cluster and support zoneRetest of the 50-week EMA at $80,300 signals a new ATH may be formingBTC has swept nearby liquidity above $105K and awaits new breakout triggerBitcoin Surfs Macro Tailwinds While Markets ReactFollowing the US-China tariff rollback announcement, global markets responded positively:S&P 500 and Nasdaq jumped ~3%Gold dropped sharply to $3,208/oz, nearing monthly lowsDXY climbed, reflecting renewed investor confidence and fading rate cut expectations“The last time US tariffs on China were this high, the S&P 500 was ~200 points lower, 4 Fed rate cuts were expected, and a recession was priced in,”noted The Kobeissi Letter on X.“Sentiment is everything.”In contrast, Bitcoin opted for consolidation, holding mid-range between surging equities and weakening commodities like gold.$102K Identified as Key BTC Support ZoneAccording to trader Daan Crypto Trades, Bitcoin’s recent price action cleared liquidity around the $105K region, setting the stage for a potential downside sweep to $102K, where a dense cluster of liquidations and buy bids resides.“Keep an eye on the ~$102K region. Depending on the reaction there, you can reassess,”he posted on X, referencing data from CoinGlass.CoinGlass also reported a steady rise in exchange bids near $103K after the Wall Street open, reinforcing this zone as a key area for short-term support.New All-Time High “In the Making,” Say AnalystsWhile short-term consolidation may play out, analysts remain bullish on the broader BTC trend. Trader CrypNuevo highlighted that BTC/USD recently retested the 50-week exponential moving average (EMA) — a historic springboard for past bull cycles.“We got the 1W50EMA retest at ~$80,300 and, consequently, the next leg up,”CrypNuevo explained.“Every previous time we saw this structure, it preceded a new all-time high.”This sentiment echoes earlier signals from the MACD crossover on weekly timeframes, widely considered a classic bull market breakout indicator, according to Cointelegraph.
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