Bitcoin shows signs of 'easing momentum' but traders still expect $150K
Key takeaways:Bitcoin’s RSI has dropped 15% and is now below the overbought threshold.Bitcoin futures flip bearish with a 43% decline in perpetual CVD.Analysts predict Bitcoin could reach $150,000 as long as a key support level holds.Bitcoin’s (BTC) price hit fresh all-time highs of nearly $112,000 on May 23, gaining 50% from its April 1 lows. According to analysts, BTC price is now “showing signs of easing momentum” as it consolidates. Bitcoin’s rally to $111K triggered buyer fatigueBTC’s recent run to $111,000 pushed the daily relative strength index (RSI) into the overbought zone at 79.6. However, “signs of easing momentum” have emerged as the RSI dropped by 15% to 67, said market intelligence firm Glassnode in its latest report, adding:“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/TradingViewAdditional data from Glassnode shows that while the Bitcoin futures open interest (OI) rose to all-time highs and funding rates increased with BTC’s all-time highs, the perpetual CVD trended lower, hinting at “stronger sell-side flows” and a more cautious stance among traders.Related: Bitcoin stalls at $110K but institutional investors continue gobbling up BTCThe chart below shows that Bitcoin’s perpetual CVD has dropped significantly to -$608.2 million from -$425.4 million, marking a 43% decrease.Glassnode added:“The persistent decline in CVD reflects bearish sentiment, highlighting dominant sell-side pressure in Bitcoin’s futures market.”Bitcoin: Perpetual CVD. Source: GlassnodeBitcoin traders set $150,000 BTC price targetData from Cointelegraph Markets Pro and TradingView showed Bitcoin trading at $109,600 on May 27. BTC price has closed above $106,000 over the last seven days, reinforcing the importance of this level to buyers.“Bitcoin is still holding above the 106K level,” said popular analyst AlphaBTC in a May 27 post on X. An accompanying chart showed Bitcoin trading in an ascending channel in the 12-hour timeframe, with a BTC price target above $120,000.In a May 22 X post depicting a similar technical setup, AlphaBTC 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: AlphaBTCMN Capital founder Michael van de Poppe said that Bitcoin is “looking to attack” all-time highs, but it could retest the $102,000 level before relaunching higher toward $115,000 and beyond. He added:“Up we go.”Using Fibonacci retracement levels, Titan of Crypto predicted a cycle top of $135,000 for BTC price if it repeated a 2024 pattern in the weekly timeframe. #Bitcoin 100% Fibonacci Extension at $135,000
Key takeaways:
Bitcoin’s RSI has dropped 15% and is now below the overbought threshold.
Bitcoin futures flip bearish with a 43% decline in perpetual CVD.
Analysts predict Bitcoin could reach $150,000 as long as a key support level holds.
Bitcoin’s (BTC) price hit fresh all-time highs of nearly $112,000 on May 23, gaining 50% from its April 1 lows. According to analysts, BTC price is now “showing signs of easing momentum” as it consolidates.
Bitcoin’s rally to $111K triggered buyer fatigue
BTC’s recent run to $111,000 pushed the daily relative strength index (RSI) into the overbought zone at 79.6. However, “signs of easing momentum” have emerged as the RSI dropped by 15% to 67, said market intelligence firm Glassnode in its latest report, adding:
“This decline may signal cooling buyer enthusiasm, reduction in upward momentum and a potential pause or reversal in the recent bullish trend.”
Additional data from Glassnode shows that while the Bitcoin futures open interest (OI) rose to all-time highs and funding rates increased with BTC’s all-time highs, the perpetual CVD trended lower, hinting at “stronger sell-side flows” and a more cautious stance among traders.
Related: Bitcoin stalls at $110K but institutional investors continue gobbling up BTC
The chart below shows that Bitcoin’s perpetual CVD has dropped significantly to -$608.2 million from -$425.4 million, marking a 43% decrease.
Glassnode added:
“The persistent decline in CVD reflects bearish sentiment, highlighting dominant sell-side pressure in Bitcoin’s futures market.”
Bitcoin traders set $150,000 BTC price target
Data from Cointelegraph Markets Pro and TradingView showed Bitcoin trading at $109,600 on May 27. BTC price has closed above $106,000 over the last seven days, reinforcing the importance of this level to buyers.
“Bitcoin is still holding above the 106K level,” said popular analyst AlphaBTC in a May 27 post on X.
An accompanying chart showed Bitcoin trading in an ascending channel in the 12-hour timeframe, with a BTC price target above $120,000.
In a May 22 X post depicting a similar technical setup, AlphaBTC 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.”
MN Capital founder Michael van de Poppe said that Bitcoin is “looking to attack” all-time highs, but it could retest the $102,000 level before relaunching higher toward $115,000 and beyond. He added:
“Up we go.”
Using Fibonacci retracement levels, Titan of Crypto predicted a cycle top of $135,000 for BTC price if it repeated a 2024 pattern in the weekly timeframe.
#Bitcoin 100% Fibonacci Extension at $135,000
