Bitcoin (BTC) has surpassed its highest level since the beginning of the year at $104,000 (approximately 152 million won), and the market is focusing on forming a major price support line. The recent surge is seen as a full-fledged rebound from the year's lowest level of $75,000 (approximately 109.5 million won), with the key watershed being whether it can maintain the $100,000 level.
According to Cointelegraph Market Pro and TradingView, Bitcoin's price has risen nearly 10% in a short period in recent days, exceeding existing investors' expectations. Particularly, the market is questioning the sustainability of this rally, as it seems to be driven by specific issues and headlines.
Cryptocurrency trader Skew posted on X (formerly Twitter) on May 8th, analyzing that this Bitcoin price increase is "once again a headline-driven impulsive reaction," suggesting that the market is in an extremely sensitive phase. He also pointed out that Bitcoin has been sensitively responding to statements related to former US President Donald Trump and social issues, affecting risk assets overall.
Analysis suggests that the new trade agreement between the US and the UK positively influenced this price rebound. However, how long these expectations will last remains uncertain, and careful observation is needed regarding its potential impact on trade relations with the European Union and China.
Skew further emphasized that "what is currently required is strong trading volume and passive inflow," stressing that continuous buying is essential to establish a price support line after the short-term surge. He added, "Breaking $100,000 is a result of large-scale buying, but more capital inflow is needed to recognize higher value in the future."
The market is closely watching whether Bitcoin's price can secure support near the psychological and technical resistance level of $100,000. Whether this rebound can be a signal of medium to long-term upward trend, even after a short-term adjustment, will likely be determined by major headlines and global trade flows.
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