BTC Prepares for Breakout as May 21 Nears, Deaton Targets $125K After $109K High

• Bitcoin is nearing its all-time high with strong accumulation across wallet sizes fueling bullish momentum.
• Technical indicators like RSI and MACD suggest a potential breakout, despite overbought conditions.
• A decisive move above $110K could trigger a rapid surge toward $125K, according to John Deaton.

Bitcoin ($BTC) is trading just above $105,400 as of May 21, gaining nearly 3% in the last 24 hours. 

The price now presses against a major resistance zone at $106,600, a level where Glassnode identifies a significant supply cluster of 31,000 BTC acquired in December. With these coins largely unmoved, the $106.6K region has become a technical and psychological hurdle for the market.

#BTC's price surge stalled just below $106.6K – a level with 31K $BTC held at that cost basis. This supply cluster originated on Dec 16 and remains unshaken. Holders haven’t redistributed, nor averaged down – making $106.6K an important level to watch in the short term. pic.twitter.com/f7rXqtP6qD

— glassnode (@glassnode) May 19, 2025

Despite recent volatility, these holders have not sold or averaged down, which indicates a short-term psychological and technical barrier.

J…

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