Bitcoin price nears record high, just 2% away as BTC aims to sustain momentum and reach a new $110K all-time high.
In the Asian session of May 21, the price of Bitcoin (BTC) reached a local high of $107,950 on Binance, 1.86% below its all-time high of $110,000.
Although Bitcoin (BTC) is on the brink of regaining its historic level, altcoins are beginning to exhibit evidence of exhaustion.
Can this bullish impetus propel BTC to establish a new ATH at $110,000 today?
Bitcoin Price Chart In Real Time
Today, Bitcoin is trading at $104,600, a 2% increase.
The recent rise of Bitcoin’s market value has reached $2.1 trillion, and the 24-hour trading volume is currently at approximately $36.8 billion.
Can Bitcoin (BTC) Reach $110,000 Today?
Volmex’s 30-day Implied Volatility (IV) for Bitcoin, BVIV, is approximately 49.23.
This metric is calculated using options data and assesses the forward expectation of investors on BTC.
The annualized 30-day IV value is 49.23.
The daily percentage fluctuation in the price of Bitcoin is 2.57%, which is calculated by dividing this value by the square root of 365.
At the time of publication, the price of Bitcoin is approximately $106,400.
Multiplying this value by 2.57% reveals that the maximum amount is $109,123.
Conversely, the lowest permissible amount is roughly $103,676.
Therefore, the likelihood of a BTC price fluctuation that propels it to $110,00 today is exceedingly high.
Examining Bullish Market Structure Of Bitcoin
The most effective method for predicting the price of Bitcoin in the immediate future is to employ a top-down approach.
BTC will reach $110,000 or exceed it if the momentum is sufficient.
The 4-hour chart displays a sequence of higher lows since the BTC price established the April swing low at approximately $73,000.
This price structure demonstrates a clear bullish momentum and strength, suggesting that the uptrend will continue and the all-time high will be retested.
A series of higher low formations is evident in the hourly chart, indicating a similar outlook for Bitcoin.
A critical value area to monitor during this timeframe is the range of $105k to $102.5k.
Between December 2024 and February 2025, 70% of the volume was traded.
Yesterday’s correction triggered a buying frenzy that propelled Bitcoin price to a new daily high of $107,950, after it tagged the $105k level.
This action resulted in a higher low, maintaining the optimistic market structure.
Since yesterday’s intraday nadir of $102,000, nearly 7,000 BTC worth $740 million of open interest have been added.
This is a distinct indication of investor interest and willingness to purchase dips.
Therefore, a potential drive to retest the previous ATH at $110,000 will likely occur.
In summary, Bitcoin price is still overwhelmingly favorable and suggests that the ATH of $110,000 may be revisited.
The IV also indicates a high probability that Bitcoin will surpass its previous record highs.
