Key Points:
BTC Price Action has earned a $105,000 retarget since Wall Street opened, up 2.5% from its daily low.
Volatility continues, guides market participants and then draws various conclusions about what will happen to BTC/USD.
The perspective includes the Bitcoin Bull Market in its final stage.
Bitcoin (BTC) sought rebound from 4% diving at the Wall Street Open on May 19th, as traders diverged by bull market strength.
$106,000 is the BTC price range you should see
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD passed $104,500, up 2.5% from the daily low.
The pair saw the volatility of the flash around weekly closings, although the best ever recorded quickly saw the bull losing control.
Now the opinion was different about when, or when the new all-time highs will come.
“This is exactly what Bitcoin has to do,” the optimistic Rekt Capital wrote in part of his latest X analysis.
“We need to hold ~$104,400 to support our positioning for successful post-division retest.”
Popular trader Daan Crypto Trades has flagged $102,000 and $106,000, flagging it as above and below spot prices.
“These are low and high local ranges, and prices have been traded within these for most of the past one or two weeks,” he explained in part of his own X-Post.
“Beware of clean breaks under either of these. So far, prices have not been maintained above or below for more than a day.”
The approximately $106,000 area was also found on the radar on the Onchain Analytics Firm GlassNode.
“The surge in BTC prices has just below $106.6K. That level holds 31K BTC on that cost basis,” he observed the day.
“This supply cluster was released on December 16th and has not been shaken. The holders have not been redistributed and on average have not fallen. In the short term, it has reached a critical level for watching $106.6K.”
Trader: “Too many weak signs to ignore” Bitcoin
Meanwhile, the new warning comes from fellow trader Roman. He thought that the weekly time slot was no longer a bull’s favor.
Related: $107K fake or new all-time best? 5 things you need to know about Bitcoin this week
“It’s not so close as we rejected resistance, created a more bearish divergence and pumped it up at a lower volume.
“There are so many bearish signs to ignore, which is why I’ve been constantly saying that it’s likely that the Bull Run is almost over.”
Roman pointed to the Probabilistic Relative Strength Index (RSI) indicator, a trending strength tool that is now firmly in the “over-acquired” area.
As reported by Cointelegraph, various short-term BTC price forecasts have emerged recently, with the “early week” targets including a $116,000 target and a potential setback to $90,000.
This article does not include investment advice or recommendations. All investment and trading movements include risk and readers must do their own research when making decisions.
