Key points:
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BTC price action retargets $105,000 after the Wall Street open, rising 2.5% from the dayโs lows.
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Volatility continues, leading market participants to varying conclusions over what will happen to BTC/USD next.
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Perspectives include the Bitcoin bull market being in its final stages.
Bitcoin (BTC) sought a rebound from a 4% dive at the May 19 Wall Street open as traders diverged on bull market strength.
$106,000 becomes BTC price zone to watch
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD passing $104,500, up 2.5% from the dayโs low.
The pair had seen flash volatility around the weekly close, which although the highest ever recorded swiftly saw bulls lose control.
Now, opinions differed about when, or if, new all-time highs would come.
โThis is exactly what Bitcoin needs to be doing,โ an optimistic Rekt Capital wrote in part of his latest X analysis.
โNeeds to hold ~$104400 as support to position itself for a successful post-breakout retest.โ
Popular trader Daan Crypto Trades flagged $102,000 and $106,000 as the levels to watch above and below spot price.
โThese mark the local range low and high and price has been trading within these for most of the last 1-2 weeks,โ he explained in part of his own X post.ย
โKeep an eye out for a clean break below either of these. So far, price has not sustained above or below for more than a day.โ
The area around $106,000 was also on the radar for onchain analytics firm Glassnode.
โBTC’s price surge stalled just below $106.6K – a level with 31K $BTC held at that cost basis,โ it observed on the day.ย
โThis supply cluster originated on Dec 16 and remains unshaken. Holders havenโt redistributed, nor averaged down – making $106.6K an important level to watch in the short term.โ
Trader: โToo many bearish signs to ignoreโ on Bitcoin
A renewed warning meanwhile came from fellow trader Roman, who considered weekly timeframes to be no longer in bullsโ favor.
Related: $107K fakeout or new all-time highs? 5 things to know in Bitcoin this week
โNot a good close as we rejected resistance, created more bearish divergences, and have pumped with low volume. Stoch RSI has also topped,โ he summarized.ย
โToo many bearish signs to ignore, and itโs why Iโve been continuously saying the bull run is likely almost over.โ
Roman referred to the stochastic relative strength index (RSI) indicator, a trend strength tool now firmly in โoverboughtโ territory.
As Cointelegraph reported, various short-term BTC price predictions have surfaced in recent days, including an โearly weekโ target of $116,000 along with a potential retracement toward $90,000.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
