Bitcoin surged past the $105,000 mark on May 11th, reaching a multi-month high before closing the week. This milestone is attributed to rising demand in DeFi applications and increased institutional investment according to analyst Rekt Capital. To solidify this price level as support, Bitcoin needs to close the week above approximately $104,500. This development suggests an upcoming phase of price discovery with potential upward momentum. The current market data indicates liquidity concentrated near its current price, with $106,000 identified as the next significant resistance point. However, some traders express cautious optimism regarding this surge, fearing a false breakout that could send prices back to $102,000 or lower. #BTC