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Bitcoin is showing signs of “easing momentum” but traders are still expecting $150K.

Bitcoin By
1711467483 Analyst Warns Of Bitcoin Pre Halving Retrace Echoing Troubling 2020 Trend
1711467483 Analyst Warns Of Bitcoin Pre Halving Retrace Echoing Troubling 2020 Trend

Takeaways from the conference:

  • Bitcoin’s RSI is down 15%, and now it’s below the threshold of overbought.

  • Bitcoin futures are now bearish, with the 43% drop in CVD.

  • Analysts believe Bitcoin will reach $150,000. This is if a critical support level remains intact.

Bitcoin’s (BTCThe price of bitcoin (BTC) has reached new all-time records, reaching nearly $112,000 in May. This is a 50% increase from the lows it hit on April 1. BTC’s price has risen to $112,000 according analysts. “showing signs of easing momentum” As it consolidates. 

Bitcoin’s surge to $111K caused buyer fatigue

BTC’s recent run to $111,000 Push the button daily relative strength index The RSI has entered the zone of overbought at 79.6. However, “signs of easing momentum” The RSI fell by 15%, to 67. said Glassnode, a market intelligence company, in its most recent report:

“This decline may signal cooling buyer enthusiasm, reduction in upward momentum and a potential pause or reversal in the recent bullish trend.”

Bitcoin: 14-day RSI. Source: Cointelegraph/TradingView

Glassnode’s data indicates that Bitcoin futures have been gaining in value. open interest (OI) rose to all-time highs The perpetual CVD has been trending lower as the funding rate increased. This is a hint at “stronger sell-side flows” There is a greater level of caution amongst traders.

Related: Bitcoin stalls at $110K but institutional investors continue gobbling up BTC

This chart shows Bitcoin’s permanent CVD, which was previously -$425.4million has fallen to -$608,2million. That’s a drop of 43%.

Glassnode has been added.

“The persistent decline in CVD reflects bearish sentiment, highlighting dominant sell-side pressure in Bitcoin’s futures market.”

Perpetual CVD: Bitcoin Source: Glassnode

Bitcoin traders have set a $150,000 BTC target price

Data from Cointelegraph Markets Pro The following are some examples of how to get started: TradingView Bitcoin traded at $109 600 on May 27. BTC’s price closed at $106,000 in the last 7 days.

“Bitcoin is still holding above the 106K level,” said AlphaBTC is an expert in the field of cryptography.  

A chart with an accompanying graph showed Bitcoin prices in ascending channels in the 12-hour period, with BTC targets above $120,000.

AlphaBTC, in a post on 22 May X depicting the same technical setup as shown here, explains how to use it. said:

“After taking the all-time high, I am watching how $BTC performs over the next couple of days. Ideally, it blasts up and shows strength to leave the breakout to be tested in the future.”

BTC/USD 12-hour chart. Source: AlphaBTC

MN Capital founder Michael van de Poppe said Bitcoin “looking to attack” It could reach its all-time highest level, but then retest $102,000 before moving higher to $115,000 or beyond. He said:

“Up we go.”

Titan of Crypto uses Fibonacci levels to retrace the price. predicted If it repeats a pattern of 2024 in the timeframe for a week, then BTC will reach a maximum price of $135,000 

Rekt Capital, a fellow analyst shared The Bitcoin Price Discovery Roadmap, which shows that BTC is “transitioning into Price Discovery Uptrend 2,” As shown below in the table.

BTC’s prices rose by more than 90% between January 2024 to March 2024. all-time highs above $73,000. The analyst believes that if this scenario played out again, BTC would reach a new peak around $150,000.

BTC/USD Weekly Chart Source: Rekt Capital 

Cointelegraph reportedBitcoin has successfully tested the critical level of $106,000 and is now looking for the next catalyst that will help it reach its target of $155,000.

This article contains no investment recommendations or advice. Risk is inherent in every investment decision and trade. The reader should always do research prior to making a final decision.