Over the last couple of days, Bitcoin (BTC) price has observed an uptrend, igniting hope among traders and enthusiasts alike. It recently surpassed the $100K mark and at the time of writing it was trading at $104,629.84.
The market capitalization was $2.09 trillion, and the 24-hour trading volume was up by over 53% reaching$55.02 billion.
According to DefiLlama’s statistics, Bitcoin is seeing increased use in the world of decentralized finance. On May 18, the TVL for Bitcoin DeFi was $6.251 billion which is 0.47% higher than the figure from 24 hours before. The network received $7.26 million in daily fees, $11,385 through its applications and had over 740,000 active users.
BTC Price Long-Term Resistance Zone Revisited on Weekly Chart
TradingView’s weekly chart by experts showed that Bitcoin (BTC) price was pressing against a resistance that was challenging for it in the past. For over a year, the chart’s red zone which spans $105,000 to $108,000, has stayed as a ceiling for prices. In the past, each time prices reached this level, they could not hold and corrections became significant.
The downward-trending line that started at the November 2023 peak is touching the present prices. Despite occasionally reaching this new price increase, Bitcoin has not been able to continue rising above it, meaning this remains an obstacle for explosive growth.
May 18 saw the BTC/USD pair open at $104,080 and later fell to $100,810, but it quickly recovered. Recently, Bitcoin price was seen just above a support band at $105,000 and slightly below a resistance band at $108,000.
After April, BTC price was confined to a rising channel that pushed it from $80,000 up to where it is now. Nevertheless, the ongoing growth in the market has begun to slow when price reaches the top resistance level.
The increase in buying pressure in the market appeared slight from the volume and delta indicators. A decline in volatility and volume delta of 1.75K shows the market is moving sideways near the resistance. Selling interest in the blue zone between $106,000 and $108,000 has been shown repeatedly.
On-Chain Metrics Show Mixed Signals as Volatility Returns
CoinMarketCap and DeFiLlama conclude that key indicators such as the volume balanced against the market cap and the number of active addresses, show investors are entering the field with caution.
12% of BTC’s total market cap was traded yesterday which is considered moderate. There are still around 740,000 people transacting on the blockchain every day.
DeFi is still dominated by other cryptocurrencies, but Bitcoin’s importance in the field is building. With TVL growing and perp and DEX trading rising to $35.37 million and $741,781 respectively, it appears that people are starting to use the network’s DeFi services more, yet still from a low starting point.
The fact that BTC price has struggled to break $105K–$108K multiple times indicates that the tweet did contain bearish notes. Around this point, there has been relatively little activity from large traders in the futures market.
Still, the daily channel is in place and neither volume nor open interest shows a major breakdown yet. Yet, the technical indicators on the daily and weekly charts reveal that the price is about to reach a decision level. Should momentum not help it overcome resistance, a drop-down may still happen.
Source: https://www.thecoinrepublic.com/2025/05/18/bitcoin-btc-price-why-this-analyst-warns-of-potential-crash/