“Bitcoin Surges to $109K Ahead of Bitcoin 2025 Conference – Is $120K Next?”

 

As of May 28, Bitcoin (BTC) has climbed back to $109,600, marking its fourth consecutive day of recovery. The recent rebound comes after a brief 4% correction on Friday, May 24, where Bitcoin found support at around $106,406, helping to stabilize and fuel its latest upward move.

All eyes are now on the Bitcoin 2025 Conference, being held in Las Vegas from May 28 to 30. According to Singapore-based digital asset manager QCP Capital, heightened short-term volatility is expected, with investors staying cautious due to potential news-driven risks emerging from the event.

QCP Capital drew parallels with last year’s Bitcoin 2024 Conference in Nashville, where a speech by former President Donald Trump triggered volatility levels above 90, followed by a 30% drop in Bitcoin’s price over just two days. However, this time, the firm noted that markets appear to be taking more defensive positions, suggesting that a similar steep decline is less likely.

Mixed Technical Signals

Bitcoin’s chart indicators are currently sending conflicting messages. The Relative Strength Index (RSI) sits at 67, approaching overbought territory, which suggests that bullish momentum still has room to grow.

Conversely, the Moving Average Convergence Divergence (MACD) has flashed a sell signal, hinting at a possible short-term correction. If Bitcoin fails to hold above its key support level of $106,406, it may test the next major support at $100,000.

Profit-Taking Pressure Rises

Short-term selling pressure is also on the rise. Over the past 30 days, profits from short-term Bitcoin holders have surged to $11.4 billion, nearly 10 times higher than the previous 30-day period, which saw $1.2 billion. This sharp increase in realized gains suggests that the market may enter a consolidation phase, potentially accompanied by a mild price correction.

Market at a Crossroads: $109K or $100K?

Crypto news outlet CryptoPotato reports that the market is currently searching for direction after hitting a recent high of $111,980. Whether Bitcoin maintains support above $109,000 will likely determine if it has the strength to push toward $120,000. If the $109,000 level fails, the market could retest the psychological support around $100,000, adding to investor caution.

With the Bitcoin 2025 Conference underway and profit-taking intensifying, traders and analysts alike are closely watching how the world’s largest cryptocurrency navigates this critical liquidity battle in the days ahead.