- Bitcoin hit a new all-time high of $111,880 on Pizza Day, breaking key resistance levels and showing strong short-term bullish momentum.
- However, some technical indicators signal possible caution, leaving the near-term trend uncertain.
Bitcoin (BTC) soared to a new all-time high of $111,880 on May 22 — a date with historical significance for crypto enthusiasts. Known as Bitcoin Pizza Day, May 22 marks the anniversary of the first real-world Bitcoin transaction in 2010, when Laszlo Hanyecz famously paid 10,000 BTC for two pizzas. Fast forward 15 years, and Bitcoin is no longer buying pizzas — it’s breaking records.
Last week, Bitcoin also notched its highest-ever weekly close, confirming a breakout above the key $105,000 resistance level. This bullish momentum signals potential for further gains, with the next major resistance estimated near $130,810, based on the 1.61 Fibonacci extension level.
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Short-term charts are fueling optimism. Bitcoin recently broke out of an ascending parallel channel on the six-hour time frame — a pattern typically associated with strong upward momentum. Technical indicators like the RSI and MACD are showing hidden bullish divergences, reinforcing the idea of vertical accumulation and ongoing strength.
However, not all signs are green. On the weekly chart, both the RSI and MACD are flashing bearish divergences — a signal that upward momentum could be weakening. This has sparked speculation over whether BTC is forming a double top, reminiscent of the 2021 peak.
Elliott Wave analysis adds complexity. One bullish scenario suggests Bitcoin is in wave three of a five-wave upward pattern — typically the most explosive stage. But a competing bearish count implies Bitcoin may be nearing the end of a long-term rally, currently in wave five, which historically precedes a significant correction.
Despite the mixed signals, Bitcoin’s breakout above previous highs and sustained upward trajectory suggest bullish pressure is prevailing — for now.
Whether this marks the beginning of a parabolic surge or the calm before a correction, one thing is clear: Bitcoin’s next few weeks will be pivotal in shaping the narrative for the rest of 2025.