Source: Cointelegraph
Original: “Bitcoin (BTC) Bulls Strongly Suppress Sellers, Japan's Debt Crisis Pushes Gold Past $3,300”
Key Points:
Bitcoin (BTC) and gold rise in tandem as tensions from Japan's debt issues reach a "boiling point."
$108,000 remains a key target for Bitcoin bulls amid ongoing corporate buying.
Some analysts still believe the current upward trend in BTC prices will suddenly end.
Bitcoin (BTC) continued to push towards the $108,000 level at the Wall Street open on May 21, while a trader warned of multiple bearish divergence signals.
Latest data from Cointelegraph Markets Pro and TradingView shows that as the U.S. trading session began, BTC/USD had rebounded to near the top of its daily volatility range.
After setting a record high daily close, BTC/USD is showing increasingly strong signs that it may challenge the historical high above $109,000 again.
🚨 Update: $BTC sets a new record high daily close. pic.twitter.com/LSzuJNJUGx
— Cointelegraph (@Cointelegraph) May 21, 2025
Market concerns over the state of Japanese government bonds provided significant support for the cryptocurrency and gold markets that day, with gold prices climbing to $3,320 per ounce, the highest level since May 12.
"As the yield on 30-year Japanese government bonds (JGB) breaks above 3%, surpassing historical levels and unsettling global investors, a new wave of volatility is sweeping through Japan's fixed income market," trading firm QCP Capital commented in its latest market update to Telegram channel subscribers.
"Japan's ever-expanding debt situation has long been a latent concern for the market, but this issue has now reached a critical point."
Regarding Bitcoin, QCP analysis pointed out that the recent price surge is primarily driven by large-scale corporate acquisitions, and breaking the historical high could reignite interest from retail investors.
"The price movement seems closely related to the stockpiling by Strategy and Metaplanet, which remain the main buyers at current levels. The market is increasingly concerned that these entities may represent the last marginal buyers, especially as BTC hovers near historical highs," the analysis continued.
"If they slow down their purchasing pace, it could trigger profit-taking by other market participants, potentially reversing the current upward trend."
Meanwhile, the BTC/USD chart itself has also raised concerns about trend strength.
Renowned trading analyst Roman, as one of the market structure conservatives, warned that Bitcoin's relative strength index (RSI) is currently showing three bearish divergence signals on the daily timeframe.
"The RSI has now shown three levels of bearish divergence. I expect the market to retest the 101 level before any further upward (or downward) movement," he told followers on the X platform.
"I still lean towards an overall downward trend, but this could provide a good entry opportunity for both bulls and bears in the short term."
As Cointelegraph reported, bullish Bitcoin price predictions are emerging in the current market.
After breaking the historical high, $116,000 is gradually becoming a hot target area for analysts, while the "explosive peak" of $128,000 is also included in market expectations.
Some analysts have even proposed more optimistic forecasts, suggesting that Bitcoin prices could reach $220,000 or higher by 2025.
Trader and market analyst Aksel Kibar updated his long-term market outlook this week, confirming that the bull market trend "remains solid," and reiterated the target price of $137,000 through accompanying technical charts.
"Despite the macro environment remaining under pressure, including soaring bond yields, escalating tariff conflicts, and increasing stagflation risks in the U.S. in the third and fourth quarters, Bitcoin has still shown remarkable resilience over the past month," QCP summarized in its analysis report.
"Notably, once the price breaks the historical high, it could trigger a new wave of 'fear of missing out' (FOMO), attracting sidelined retail funds back into the market, thereby pushing Bitcoin prices further upward."
Related: Bitcoin's "Explosive Peak" Set at $128,000, New Historical Highs Are Within Reach
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