Bitcoin recently hit an all-time high (ATH) of $111,000, yet its bullish momentum appears to be fading, raising questions about its sustainability. According to certified crypto expert Tony "The Bull" Severino, this ATH may not signify genuine market strength. Severino highlights that the breakout lacks the technical confirmation usually associated with a true bullish breakout.

He points out that Bitcoin didn't achieve new ATHs against other major currencies like the Euro, British Pound, Japanese Yen, Swiss Franc, or even gold. This suggests that the upward movement is more a result of USD weakness rather than intrinsic Bitcoin strength.

Severino's skepticism is backed by comparative chart analysis which shows Bitcoin forming lower highs across various trading pairs. As a result, he warns that the market may be over-optimistic about BTCUSD's breakout, which may mislead traders and investors.

He emphasizes the importance of the May monthly candle close and June monthly candle open in determining the market's future direction. A bearish tilt could lead to a more significant market correction.