#BTC Market Cap Hits ATH#  Gold climbs above $3,300 as Bitcoin bulls target new highs.

Bitcoin and gold rose together as concerns over Japan’s debt crisis reached a “boiling point.”

$108,000 remains a key target for Bitcoin bulls amid ongoing institutional buying.

Some believe the current BTC price rally could come to an abrupt end.

Bitcoin BTCUSD remained pressure on the $108,000 level at the Wall Street open on May 21, as one trader spotted multiple bearish divergences.

Bitcoin joins gold in Japan debt backlash

Data showed that the BTCUSD had returned to the upper end of its intraday range as the U.S. trading session began.

After a new all-time daily close, the BTCUSD looked increasingly poised to revisit highs just above $109,000.

New concerns over Japan’s national debt gave both crypto and gold a boost during the day, with gold reaching $3,320 an ounce, its highest level since May 12.

“A new wave of volatility is sweeping through Japanese fixed-income markets as bond maturities surge past historic levels, rattling global investors.

“Japan’s swollen debt situation has long been a concern, but it’s now reaching boiling point,” he said.

He suggested that recent gains in Bitcoin have been fueled by institutional accumulation, while a breakout of all-time highs could revive retail interest.

“The price action now appears to be closely tied to headline buyers’ treasury accumulation. There is increasing concern that these institutions could be the last remaining players on the marginal buying side, especially as BTC hovers near its ATH,”

“The slowdown in buying could trigger profit-taking from other market participants and reverse the current uptrend.”

Warnings about BTC price trend strength

On the other hand, concerns about trend strength also stem from the

BTCUSD chart.

Roman, a popular investor who has a cautious view on market structure, said that Bitcoin’s relative strength index (RSI) is showing three bearish divergences simultaneously on the daily timeframe.

“The RSI is now showing three levels of bearish divergence. I would wait for a retest of 101 before potentially moving higher (or lower),” he wrote to his followers.

“I am still focused on lower levels overall, but this could present a suitable entry opportunity for both short and long in the short term.”

There are currently several bullish BTC price targets in place.

With all-time highs now passed, $116,000 is becoming an increasingly popular level, while a “top-off” of $128,000 is also on the radar.

Some have suggested targets of $220,000 or higher in 2025.

Updating his long-term outlook, investor and analyst Aksel Kibar said this week that the bull trend is “maintained,” while the accompanying chart reiterated the $137,000 target.

“Despite macro challenges such as rising bond yields, tariff hikes, and growing stagflation risks in the US in the third and fourth quarters, BTC has shown remarkable resilience over the past month,”

“However, a breakout to new highs could trigger a new wave of FOMO, drawing in retail capital that has been sitting on the sidelines and pushing prices even higher.”