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After several days of setting new daily closing highs, Bitcoin was brushing up against its all-time high without quite breaking through. But today marks the moment—Bitcoin has officially set a new all-time high at $110,800, and it's still climbing. We’ve entered blue sky territory and true price discovery.
Those who held their conviction through the turbulence have been rewarded. Since the previous all-time high back in January, the ride has been nothing short of a rollercoaster. Geopolitical headwinds—tariffs, trade war rhetoric—triggered a 30% retrace to $74.5K, shaking out weak hands and drenching sentiment in fear. Altcoins fared even worse, with many down 50% or more from their highs. Yet, since then, Bitcoin is up nearly 50%, and select altcoins—like Sui—have posted impressive multiples. Ethereum, too, is finally showing signs of life after an otherwise tepid performance in this cycle.
What’s Next for Bitcoin?
Bitcoin dominance is surging—eight consecutive days of growth—with no immediate signs of slowing down. Until that changes, Bitcoin is likely to continue leading the charge before the market rotates into altcoins. While a minor pullback wouldn’t be out of the question, there’s no indication of structural weakness. As long as Bitcoin holds above $100K, the bullish momentum remains intact.
Sentiment, interestingly, remains in "greed" territory at 72, which is notably subdued compared to previous peaks—84 in January and 94 in November. The contrast is telling. Despite Bitcoin being at all-time highs, the market isn’t yet euphoric. Retail hasn’t piled in, and full-on mania hasn’t begun. When it does, we’ll likely witness a parabolic phase: blow-off tops, altcoin seasons, and massive opportunity. Ensure you’re positioned accordingly. If not, contact your Stormrake broker ASAP.
Stormrake Spotlight: Bittensor (TAO) ($457)
Stormrake Spotlight: Bittensor (TAO) ($457)
TAO surged over 8% yesterday, reclaiming the key $440 level and confirming a higher low at $390. The structure is clearly bullish. With momentum behind it, we’re now watching for a move towards the next major resistance between $525–$553 to form a higher high and continue the trend.
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
Bitcoin has now set a new all-time high at $110.8K and is firmly in price discovery. There are no resistance levels above—just open air. Crucially, BTC has flipped a key CPR level from resistance to support. If it can maintain this posture above the former ATH, the next short-term target is $114K.
BTC Total ETF Flows for 21 May: $ + 76.5 million
(ETF flow data is sourced from https://farside.co.uk/btc/ and reflects figures at the time of writing.)
*All prices are denominated in USD unless stated otherwise*
Written by Alexandar Artis
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The information in this newsletter is general only. It should not be taken as constituting professional advice from the author - Stormrake PTY LTD.
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