Analysis: If BTC closes above $104,500 this week, it may start a second round of price discovery trend

Odaily News BTC price broke through $105,000 before the weekly close on May 11, hitting a multi-month high. Rekt Capital said, "Bitcoin's key weekly closing price level is around $104,500, which must turn into support. Bitcoin is on the verge of starting a second round of price discovery uptrend. It is very critical whether Bitcoin can close this week above the upper edge of the reaccumulation range that it has recently regained." Market data shows that current liquidity is mainly concentrated near the current price, and $106,000 has become the next key resistance level. However, some traders are cautious about the short-term trend, worrying that the current rise may be a "false breakout" and may fall back to $102,000 or lower. (Cointelegraph)