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This Week’s Key Question: The market looks bullish, but the ATH remains a major resistance level.
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Is the Bitcoin bull run "almost over"? Traders are divided on the BTC price at $105,000.
Source: Cointelegraph Original text: "Is the Bitcoin bull market 'almost over'? Traders are divided on the BTC price at $105,000"
Bitcoin (BTC) sought to rebound from a 4% decline at the Wall Street open on May 19, with traders divided on their outlook for the strength of the bull market.
Data from Cointelegraph Markets Pro and TradingView shows that the BTC/USD price reached $104,500, rising 2.5% from the daily low.
The trading pair experienced brief fluctuations at the weekly close, and although it set an all-time high closing price, the bulls quickly lost control.
Currently, opinions vary on when or whether a new historical high will occur.
"This is exactly what Bitcoin needs to do," optimistic Rekt Capital wrote in its latest analysis on X.
"A support level of approximately $104,400 is needed to position oneself 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 focus below and above the current price.
"These mark the local low and high points, with the price trading between these levels for most of the past 1-2 weeks," he wrote in his X post.
"Pay attention to whether there is a significant drop below these levels. So far, the price has not sustained above or below these levels for more than a day."
On-chain analysis company Glassnode is also paying attention to the area around $106,000.
"The rise in BTC prices stalled below $106,600 - this level holds 31,000 BTC 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."
At the same time, another trader named Roman issued a new warning, stating that from the weekly timeframe perspective, the bulls are no longer in the dominant position.
"The closing was not good because we rejected resistance, created more bearish divergence, and rose on low volume. The stochastic RSI has also peaked," he summarized.
"Too many bearish signals cannot be ignored, and this is also why I have been saying that the bull market may be almost over."
Roman mentioned the Relative Strength Index (RSI), which is a trend strength tool that has firmly entered the "overbought" zone.
As reported by Cointelegraph, various short-term BTC price predictions have emerged recently, including a target of $116,000 "early this week" and a possible pullback to $90,000.
Related Articles: Australian court ruling may lead to $640 million Bitcoin (BTC) tax refunds
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.