Source: Cointelegraph.com NewsKey points:<\/p>\n
BTC price action retargets $105,000 after the Wall Street open, rising 2.5% from the day\u2019s lows.
\nVolatility continues, leading market participants to varying conclusions over what will happen to BTC\/USD next.
\nPerspectives include the Bitcoin bull market being in its final stages.<\/p>\n
Bitcoin (BTC) sought a rebound from a 4% dive at the May 19 Wall Street open as traders diverged on bull market strength. Source: Cointelegraph.com NewsKey points: BTC price action retargets $105,000 after the Wall Street open, rising 2.5% from the day\u2019s lows. Volatility continues, leading market participants to varying conclusions over what… <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/129559"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=129559"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/129559\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=129559"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=129559"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=129559"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nBTC\/USD 1-hour chart. Source: Cointelegraph\/TradingView$106,000 becomes BTC price zone to watch
\nData from Cointelegraph Markets Pro and TradingView showed BTC\/USD passing $104,500, up 2.5% from the day\u2019s low.
\nThe pair had seen flash volatility around the weekly close, which although the highest ever recorded swiftly saw bulls lose control.
\nNow, opinions differed about when, or if, new all-time highs would come.
\n\u201cThis is exactly what Bitcoin needs to be doing,\u201d an optimistic Rekt Capital wrote in part of his latest X analysis.
\n\u201cNeeds to hold ~$104400 as support to position itself for a successful post-breakout retest.\u201d
\nBTC\/USD 1-week chart. Source: Rekt Capital\/XPopular trader Daan Crypto Trades flagged $102,000 and $106,000 as the levels to watch above and below spot price.
\n\u201cThese mark the local range low and high and price has been trading within these for most of the last 1-2 weeks,\u201d he explained in part of his own X post.\u00a0
\n\u201cKeep 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.\u201d
\nBTC\/USDT perpetual contract 4-hour chart. Source: Daan Crypto Trades\/XThe area around $106,000 was also on the radar for onchain analytics firm Glassnode.
\n\u201cBTC’s price surge stalled just below $106.6K – a level with 31K $BTC held at that cost basis,\u201d it observed on the day.\u00a0
\n\u201cThis supply cluster originated on Dec 16 and remains unshaken. Holders haven\u2019t redistributed, nor averaged down – making $106.6K an important level to watch in the short term.\u201d
\nBTC supply cost basis heatmap. Source: Glassnode\/XTrader: \u201cToo many bearish signs to ignore\u201d on Bitcoin
\nA renewed warning meanwhile came from fellow trader Roman, who considered weekly timeframes to be no longer in bulls\u2019 favor.
\nRelated: $107K fakeout or new all-time highs? 5 things to know in Bitcoin this week
\n\u201cNot a good close as we rejected resistance, created more bearish divergences, and have pumped with low volume. Stoch RSI has also topped,\u201d he summarized.\u00a0
\n\u201cToo many bearish signs to ignore, and it\u2019s why I\u2019ve been continuously saying the bull run is likely almost over.\u201d
\nBTC\/USD 1-day chart with 1-week stoch RSI data. Source: Cointelegraph\/TradingViewRoman referred to the stochastic relative strength index (RSI) indicator, a trend strength tool now firmly in \u201coverbought\u201d territory.
\nAs Cointelegraph reported, various short-term BTC price predictions have surfaced in recent days, including an \u201cearly week\u201d target of $116,000 along with a potential retracement toward $90,000.
\nThis 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.Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"