Source: Cointelegraph
Original: “Is the Bitcoin Bull Market ‘Almost Over’? Traders Split on BTC Price at $105K”
Bitcoin (BTC) sought to rebound from a 4% drop at the Wall Street open on May 19, with traders divided on the strength of the bull market.
Data from Cointelegraph Markets Pro and TradingView showed the BTC/USD price reaching $104,500, up 2.5% from the day's low.
The trading pair experienced brief fluctuations at the weekly close, and although it set an all-time high closing price, bulls quickly lost control.
Now, opinions vary on when or if new all-time highs will occur.
“This is exactly what Bitcoin needs to do,” optimistic Rekt Capital wrote in its latest analysis on X.
“It needs to hold around $104,400 as support to position itself for a successful retest after the breakout.”
Well-known trader Daan Crypto Trades pointed out that $102,000 and $106,000 are key levels of interest below and above the current price.
“These mark the local range lows and highs, with the price trading between these levels for most of the past 1-2 weeks,” he wrote in his X post.
“Watch for any significant breaks below these levels. So far, the price has not sustained above or below these levels for more than a day.”
On-chain analytics firm Glassnode is also focused on the area around $106,000.
“The rise in BTC price has stalled below $106,600—this level has 31,000 BTC held at that cost basis,” it observed on the day.
“This supply cluster originated on December 16 and has remained stable. Holders have neither redistributed nor closed positions—making $106,600 an important level to watch in the short term.”
Meanwhile, another trader, Roman, issued a new warning, believing that bulls are no longer in control from a weekly timeframe perspective.
“The close was poor because we rejected resistance, created more bearish divergence, and rose on low volume. The stochastic RSI has also topped out,” he summarized.
“Too many bearish signals cannot be ignored, which is why I have been saying the bull market may be almost over.”
Roman referred to the stochastic relative strength index (RSI), a trend strength tool that is currently firmly in the “overbought” territory.
As reported by Cointelegraph, various short-term BTC price predictions have emerged recently, including a target of $116,000 “early this week” and a potential pullback to $90,000.
Related: Australian court ruling could lead to $640 million Bitcoin (BTC) tax refund
This article does not contain investment advice or recommendations. Any investment and trading activities involve risks, and readers should conduct their own research before making decisions.
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