Bitcoin (BTC) Price Prediction for May 16

The Bitcoin price today is hovering near $102,400 after bulls failed to close above the $105,000 level on May 14–15. While the broader trend remains bullish, short-term indicators show fading momentum after a multi-week rally that began from $74,000. A rejection from key resistance has left BTC vulnerable to a pullback as traders eye intraday support zones. What’s Happening with Bitcoin’s Price? After a sharp rise from $78,000 to $105,700, Bitcoin price action has entered a cooling phase. The 4-hour chart shows BTC forming a narrowing triangle structure with lower highs and horizontal support near $100,800. This range-bound behavior indicates market indecision. At the time of writing, price is testing the lower boundary of this formation. BTCUSD price dynamics (Source: TradingView) Meanwhile, the weekly Fibonacci chart shows BTC rejecting from the 0.786 retracement level at $101,970 and unable to reclaim the 1.0 Fib at $109,396. This level marks a strong historical resistance. If BTC fails to break above this zone, it could enter a broader retracement phase toward the 0.618 level at $96,556. Bitcoin Price Faces Intraday Pressure Near Key Support BTC… The post Bitcoin (BTC) Price Prediction for May 16 appeared first on Coin Edition .

Source: Coin Edition