Blog

Bitcoin businessmen target $ 100k and under the monthly close seal of 11% acquired

Photo of cryptobizinvest.com cryptobizinvest.com Send an email 4 weeks ago
0 0 2 minutes read


Basic Points:

  • Bitcoin RSI data generates a difference -bearish, taking merchants in position for the lower level to the next.

  • The May monthly candle close seals 11% got, but the weekly close is the radar event for market participants.

  • Areas of interest include $ 97,000 as well as significant psychological scores of $ 100,000.

Bitcoin (Btc) sought to maintain 2024 all-time highs on June 1 after a monthly candle closely delivered 11% of the acquisitions.

BTC/USD 1-Hour chart. Source: Cointelegraph/TradingView

Bitcoin RSI Divergence Primes traders for new lows

Data from Cointelegraph Markets Pro and Tradingview BTC/USD showed attempt to recover $ 105,000 on a weekly close.

The sustainable downside throughout the week has returned to contact with Bitcoin with significant levels of support from earlier in the bull market.

The leader of them is the Local Top from December 17, 2024 around $ 104,450.

Commenting, popular businessman Matthew Hyland described the weekly close level as “pivotal.”

Hyland uploaded a chart that shows a difference between the price and the relative -child index (RSI) in weekly timeframes.

RSI is a Classic Trend Strength indicatormeasuring momentum in given price points.

Continuing, fellow Crypto entrepreneurs have warned that the difference can have greater implications for the bulls.

“A potential difference -a RSI bearish’s RSI will form the weekly chart. Still not confirmed but worth watching,” he said X Followers on May 31.

An accompanying chart defined by the so -called fair amount of GAPS (FVG) measured by the Retracement levels of Fibonacci, they show imbalance between buyers and sellers as the price climbs its current area.

Two FVG interest zones are at $ 97,000 and $ 90,000.

“After a +50% running, a cooldown will not be a bad thing. Things that are a healthy market structure is important,” the Crypto Titan acknowledged.

BTC/USD 1-week chart with RSI data. Source: Titan of Crypto/X

Btc price uptrend “intact”

Based on the book’s liquidity data, the Crypnuevo businessman suggested that $ 100,000 could work as a magnet price should fall the market.

Related: How low is the price of bitcoin?

“It is a strong psychological level and liquidity tend to stack at these levels. The potential retests of this level first,” part of a X thread Read on the day.

Crypnuevo maintains faith in the overall structure of the bullish market despite BTC/USD dropping 8% last week.

“So I think maybe we’re going down to $ 100k and playing around there for a few days – even a slight temporary fall below it to shake the market makes sense,” he concluded.

“But in the big picture, we have a bull market support at $ 84k getting up to the price; the uptrend is intact; the liquidity is above.”

BTC Order Book Liquidity Data. Source: Crypnuevo/x

This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.