Key points:
In a curious dance, Bitcoin and gold pirouette higher, all while Japan’s debt woes bubble over like a pot left unattended. 🍲
The elusive $108,000 remains the Holy Grail for Bitcoin bulls, who are buying like there’s no tomorrow. 🐂
Yet, whispers of an impending doom for the current BTC price uptrend echo through the digital halls. 👻
As the sun rose on May 21, Bitcoin (BTC) pressed its case against the $108,000 mark, while a trader waved a red flag, citing multiple bearish divergences. 🏴☠️
Bitcoin and Gold: A Comedic Duo in Japan’s Debt Drama
Data from the mystical realms of CryptoMoon Markets Pro and TradingView revealed BTC/USD flirting with the top of its intraday range as the US trading session kicked off. 💃
After achieving its highest-ever daily close, BTC/USD seemed ready for a rematch with its all-time highs, just a hair above $109,000. 🥊
🚨UPDATE: $BTC makes history with a new record daily close.
— CryptoMoon (@CryptoMoon) May 21, 2025
Fresh anxieties over Japan’s national debt gave both crypto and gold a much-needed caffeine boost, with gold reaching $3,320 per ounce, its highest since May 12. ☕️
“A fresh wave of volatility is gripping Japanese fixed income markets as 30-year Japanese Government Bond (JGB) yields surge past 3%, breaching historic levels and unsettling global investors,” noted the ever-watchful QCP Capital in their latest Telegram missive. 📈
“Japan’s ballooning debt situation has long been a simmering concern, but it is now reaching a boiling point.”
On the Bitcoin front, QCP suggested that recent gains were fueled by corporate accumulation, while breaking all-time highs could awaken the sleeping retail giant. 🦖
“Price action appears closely tied to treasury accumulation by Strategy and Metaplanet, who remain the headline buyers at current levels. There is growing concern that these entities may represent the last of the marginal bid, particularly with BTC hovering near ATHs,” they continued. 🧐
“A slowdown in their buying could trigger profit-taking from other market participants and potentially reverse the prevailing uptrend.”
BTC Price Trend: A Cautionary Tale
Meanwhile, concerns over trend strength emerged from the BTC/USD chart itself, like a ghost at a feast. 👻
Popular trader Roman, a voice of caution in the market, warned that Bitcoin’s relative strength index (RSI) was now offering three bearish divergences at once on daily timeframes. 📉
“3 levels of bearish divergences now appearing on RSI. I would expect 101 to be retested before we potentially move higher (or lower),” he told his followers on X. 📢
“I still have my sights on lower overall but could provide a decent short-term entry for both shorts & longs.”
As CryptoMoon reported, bullish BTC price targets are as plentiful as pigeons in a park. 🕊️
$116,000 is becoming a popular destination once all-time highs are breached, with a $128,000 “blow-off top” also on the radar. 🎯
Others have made even loftier predictions, including $220,000 or more in 2025. 🌌
Updating his long-term view, trader and analyst Aksel Kibar declared that the bull trend “remains intact” this week, with a chart reiterating a $137,000 target. 📊
“Despite relentless macro headwinds including surging bond yields, tariff escalations, and mounting stagflation risks in the US for Q3 and Q4, BTC has demonstrated remarkable resilience over the past month,” QCP concluded. 💪
“That said, a breakout to new highs could ignite a fresh wave of FOMO, dragging in sidelined retail capital and pushing prices even higher.”
Read More
2025-05-21 18:04