Bitcoin (BTC) Price Prediction for May 22

Crypto Outlook Remains Bullish as Bitcoin Reaches New All-Time High

The cryptocurrency market continues to defy expectations, with Bitcoin (BTC) setting a new all-time high today, rising by 3.09%. According to CoinStats, the leading digital asset is poised for further growth, as the market seems unlikely to fall anytime soon.

On the hourly chart, the price of BTC has set a local resistance at $111,888. With most of the daily Average True Range (ATR) already passed, traders have a strong chance of witnessing sharp moves by the end of the trading day.

Looking at the bigger picture, the rate of Bitcoin is on an upward trajectory after breaking the previous all-time high level of $109,356. As long as the price remains above this mark, the market can expect to see the digital asset reaching new peaks.

A similar bullish sentiment can be observed on the weekly chart. If the candle closes near the bar's peak and without a long wick, a test of the $115,000 mark could be imminent.

At the time of writing, Bitcoin is trading at $110,909, reflecting the continued strength of the cryptocurrency market.