After successfully holding above $100,000 for more than a week, bitcoin is now approaching its next and final resistance level before its all-time high. The price of the flagship cryptocurrency climbed above the $105,000 mark to start the week, following a brief pop above $107,000 over the weekend and subsequent drop. Now, bitcoin is trading at late January highs, and $108,000 — the next key level to watch to the upside — is in sight. “Aside from the possibility that price temporarily pauses at this key resistance … the positive trend going into this test of resistance indicates price should ultimately break higher,” Ari Wald, chart analyst at Oppenheimer, told CNBC. “In the meantime, [it’s] important to hold $92,000 support around the 200-day average.” BTC.CM= 1M mountain Bitcoin (BTC) this month Katie Stockton, founder of Fairlead Strategies, said bitcoin’s short-term momentum is positive and that there are no sell signals. However, since the breakout above $100,000 was short-term in nature, its implications could fade from here, she said. “We are expecting the short-term rally to mature in the near term, rather than a breakout to new highs,” she said. She also pointed out “signs of upside exhaustion have arisen in equities, to which bitcoin has been correlated. Sentiment can be considered too bullish within the context of weakened long-term momentum.” Although intermediate-term momentum is positive, it wouldn’t be surprising if bitcoin whipsaws lower if it doesn’t break out to new highs, she added. After languishing for several weeks amid tariff-related uncertainty, bitcoin has climbed steadily in May, up 11% so far for the month and 12% for the year. The cryptocurrency has benefited from a best of both worlds scenario that has led to growing momentum from more bitcoin treasury companies and Wall Street investors. “It’s a best of both worlds scenario, where if there’s liquidity and the stock market does well, investors expect bitcoin to do well,” said Steven Lubka, managing director of Swan Private Client Services. “In some of these risk off scenarios, if there is a monetary shift, if there are high tariffs, if there is a big trade war – bitcoin is relatively unimpacted by that, and it can perform like gold in some of those scenarios.”