Bitcoin bull market “almost over?” Traders allocated BTC price to $105k

Key points:

• After Wall Street opened, BTC price action recovered to $105,000, up 2.5% from the day’s low.

• Volatility continues, leading market participants to different conclusions about what will happen next in BTC/USD.

• The view includes that the Bitcoin bull market is in its final stages.

Bitcoin (BTC) seeks a rebound in a 4% dive opened on Wall Street on May 19 as traders differ in their strength in bull markets.

$106,000 becomes a view of the BTC price zone

Data from CoIntelegraph Markets Pro and TradingView show that BTC/USD passed $104,500, a 2.5% increase from the day’s low price.

The two saw Flash fluctuations in their weekly closures, although the highest record ever quickly saw the Bulls lose control.

Now, when or if there is an all-time high to come.

“This is exactly what Bitcoin needs to do,” an optimistic Rekt Capital wrote in its latest X analysis.

“Requires a support of ~$104400 to support yourself after success.”

Popular businessman Daan Crypto marked the $102,000 and $106,000 deals as higher than the spot price.

“These mark local range low and high and prices are always trading,” he explained in part of his X post.

“Please be aware of clean breaks below any of the following. So far, the price has not lasted more than one day.”

The area is also within the range of OnChain Analytics company GlassNode.

It observed: “BTC’s price increase stopped below $106.6k – the level of 31k $btc held on that cost basis.”

“This supply cluster originated on December 16 and is still unshakable. Holders have not redistributed, nor have they averaged – $1.066 million is an important level of viewing in the short term.”

Trader: “too many bearish signs” on Bitcoin

Meanwhile, the new warning comes from Roman traders who believe the weekly schedule is no longer favored by the Bulls.

Related: A fake $107K or a new all-time high? 5 Things You Know About Bitcoin This Week

He concluded: “Because we reject resistance, we create more bearish differences and pump at lower volumes.

“Too many bearish signs are hard to ignore, which is why I kept saying that the bull run might be almost over.”

The Romans mentioned the Random Relative Strength Index (RSI) indicator, a trend strength tool that is now firm in the “overbought” field.

As Cointelegraph reports, various short-term BTC price forecasts have surfaced in recent days, including a “early” target of $116,000, and a potential back-draw to $90,000.

This article does not contain investment advice or advice. Every investment and trading move involves risks and readers should conduct their own research when making decisions.