[New York Coin Market Open] Bitcoin Volatility Surges Before Weekend ⋯ Experts Predict Strong May Finish

# Cryptocurrency Market Rises as Weekly Close Nears As the week nears its end, the cryptocurrency market is witnessing increased activity. With the expiration of $3.2 billion in options, Bitcoin (BTC) has shown significant volatility, experiencing sharp price swings. Meanwhile, Ethereum (ETH) has surpassed the $2,600 level, suggesting a notable weekly close. # Bitcoin Trades Near $103,000 Mark As of 9 a.m. New York time on May 16, Bitcoin stood at roughly $103,626 on Binance, marking a 1.2% increase over the past 24 hours. During this session, Bitcoin briefly reached $104,300, driven by strong institutional inflows. Bitcoin spot ETFs saw net inflows of around $320 million, highlighting significant institutional interest. However, resistance near $105,000 and profit-taking activities have raised concerns about possible pullbacks. # Ethereum Breaks $2,600 Barrier Ethereum, the second-largest cryptocurrency by market capitalization, climbed 1.53% over the day, trading as high as $2,634. This surpassing of the $2,600 threshold was fueled by positive market sentiment and investor anticipation regarding the upcoming Pectra protocol upgrade, which aims to enhance blockchain efficiency. Major altcoins exhibited mixed performances. Solana (SOL) rose slightly to $172.80, while XRP (XRP) hovered around the $2.42 range. On the other hand, meme coins like Pepe (PEPE) and SHIBA INU (SHIB) continued to attract retail investor interest despite their high volatility. # Renewed Bitcoin Volatility Bitcoin's recent volatility brings to mind the upheaval following the FTX exchange collapse in 2022, which led to a significant price drop, ending the bull market abruptly. At that time, a "sell" signal on Bitcoin's weekly SuperTrend chart contributed to a 60% price decline. This signal had been dormant until its recent reactivation. According to Tony Spilotro, a cryptocurrency analyst and Chartered Market Technician (CMT), a new sell signal has appeared on Bitcoin's chart below the all-time high of $109,000, potentially signaling the end of the current rally. Spilotro warned that Bitcoin’s uptrend might not last long. He also noted that the U.S. dollar's recent weakness might have helped boost Bitcoin's price, although the Bitcoin/Euro (BTCEUR) pair has yet to show a Long Moving Average Convergence-Divergence (LMACD) crossover signal. The emergence of this bearish indicator could have significant market consequences. It might signal the peak of the current bull rally. If accurate, investors could face another extended bear market. A 60% decline, similar to 2022, would drop Bitcoin below $50,000, severely impacting the broader altcoin market. Moreover, this could see Bitcoin falling below the average purchase price of $50,000 held by MicroStrategy, a firm with 50,000 BTC in reserves. # Maintaining Bitcoin's Bullish Run Tony Spilotro identified key conditions for sustaining Bitcoin's upward momentum. He stressed the need for breaking through the current trading range, confirmed by a strong weekly candle close, followed by closing prices above the upper Bollinger Band. Presently, Bitcoin has yet to close above its upper Bollinger Band, set at $108,507. With two weeks left in May, bullish investors are optimistic that conditions will align for a strong month-end rally. Failure to meet these conditions could result in further price declines. "Bulls are eyeing strong signals over the next two weeks to secure a solid May close," Spilotro stated.