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Bitcoin’s Recent High of $111,000 Sparks Debate Among Experts
Despite reaching a new all-time high (ATH) of $111,000 on May 22, Bitcoin’s bullish momentum appears to be waning, raising questions about the sustainability of its recent rally. After this significant peak, Bitcoin experienced a slight pullback, leaving analysts divided over the future direction of its price. For more detailed insights, visit [Financier News](https://www.financier.news/).
Interestingly, not everyone is convinced that this ATH signifies a robust market. Tony “The Bull” Severino, a certified crypto expert, has expressed skepticism regarding the strength of this breakout. According to Severino, while the BTCUSD pair did hit a new high, other major trading pairs did not mirror this trend.
Failed Breakout Suggests Market Weakness
Severino pointed out that Bitcoin did not achieve new highs against the Euro, British Pound, Japanese Yen, and the Swiss Franc. Even more telling is Bitcoin’s performance against gold, with the BTC/XAU pair lagging significantly behind its previous peak of 41 ounces per Bitcoin. Currently, it hovers around 32 ounces, indicating that the recent highs are more reflective of the USD’s weakness than Bitcoin’s strength.
Cross-Pair Analysis Reveals Lack of Confirmation
A true bullish breakout, Severino argues, would be evident across multiple currency pairs and asset benchmarks. His analysis is supported by chart patterns showing Bitcoin forming lower highs in other currencies. For example, Bitcoin is trading well below its peak in Euros and has not surpassed the 17 million mark against the Japanese Yen.
Market Caution Advised Ahead
Severino advises traders and investors not to be overly optimistic based on the surface-level appearance of a new ATH in BTCUSD. The lack of confirmation from cross-pair strength and fundamental indicators suggests that this might not herald the start of a new sustained bullish trend. The upcoming monthly candle close and open will be crucial in determining Bitcoin’s next move. If the market tilts bearish, it could signal a larger correction.
As of now, Bitcoin is trading at $104,850 after briefly dropping to a 24-hour low of $103,832, marking a modest recovery from its June opening price.
For those interested in exploring more about cryptocurrencies and their market dynamics, additional information is available on [Binance](https://www.binance.com/).
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