Bitcoin (BTC) rose by more than 3% on May 20th, breaking through $105,000 (approximately 153.3 million won). It surged nearly 5% intraday from the previous day's low of $102,100 (approximately 148.9 million won), reaching as high as $107,148 (approximately 156.5 million won). This rebound was achieved by a combination of high open interest in the futures market and steady institutional demand.
According to market analysis firms TradingView and Cointelegraph Markets Pro, buying pressure on Bitcoin is accelerating again, centered on institutional funds. It is noteworthy that Bitcoin's correlation with the US stock market has decreased, showing an independent upward trend.
From a technical analysis perspective, the bullish signals are clear. The current chart pattern is classified as a classic bullish trend, and analysts believe that Bitcoin has the conditions to potentially rise further to $138,000 (approximately 201.7 million won).
The macroeconomic environment is also viewed positively. With growing expectations of US interest rate cuts and anticipation of Trump's cryptocurrency-friendly policies, these factors are boosting Bitcoin demand. This trend is expected to lead to a structural rise beyond a short-term technical rebound.
Experts stated that "institutional Bitcoin investment expansion and strong futures market demand can be key drivers leading to a long-term rise beyond short-term adjustments" and predicted that "a bullish market exceeding previous highs could be reproduced".
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