Bitcoin has slowed its upward momentum, traders still hope to reach the milestone of 150,000 dollars.

The price of Bitcoin has reached a new all-time high (ATH) of nearly $112,000 on May 23, up 50% from the low on April 1. However, according to analysts, the price of BTC is currently "showing signs of a fall in momentum" as it enters the consolidation phase.

Bitcoin rises above $111,000 causing fatigue for the bulls

The recent surge of BTC to $111,970 has pushed the daily relative strength index (RSI) into the overbought territory at 79.6. However, according to market analysis firm Glassnode in their latest report, "signs of falling momentum" have emerged as the RSI has decreased by 15% to 67. They further stated:

"A bearish RSI could signal a decline in buyer interest, a weakening rally and the risk of a pause or reversal of the recent uptrend."

! Bitcoin: 14-day RSI | Source: TradingViewData from Glassnode shows that although the (OI) open contract of Bitcoin futures has risen to a record high and the funding rate (phí trợ) increased along with BTC's ATH, the CVD index (chênh the lũy) volume deviation of perpetual contracts has tended to decline. showing "stronger selling cash flow" and more cautious sentiment from traders.

Observing the chart below, the CVD of Bitcoin perpetual contracts has fallen significantly, from -425.4 million dollars to -608.2 million dollars, equivalent to a decrease of 43%.

Glassnode adds:

"The continuous fall of the CVD reflects a pessimistic sentiment, indicating that selling pressure is dominating the Bitcoin futures market."

! Bitcoin: CVD perpetual contract | Source: Glassnode## Bitcoin traders set price target at 150,000 dollar

Data from Bitcoin Magazine shows that Bitcoin is trading at $109,716 at the time of writing. The price of BTC has closed above $106,000 for seven consecutive days, reinforcing the importance of this price level for the bulls.

"Bitcoin is still holding above the $106,000 threshold," analyst AlphaBTC shared in a post on X on May 27.

The attached chart shows Bitcoin trading within an upward channel on the 12-hour timeframe, with a target of exceeding 120,000 dollars.

In another post on X on May 22 describing a similar technical pattern, AlphaBTC stated:

"After breaking through ATH, I am watching how BTC performs in the coming days. Ideally, it will surge and show strength, so that it can then test the breakout area in the future."

BTC price chart 12 hours | Source: AlphaBTCMN Capital founder, Michael van de Poppe, believes Bitcoin is "preparing to attack" ATH levels, but may retest the $102,000 area before continuing its upward momentum towards $115,000 and beyond. He emphasizes:

"Bitcoin will go up."

Using Fibonacci retracement levels, Titan of Crypto predicts that the peak cycle price of BTC could reach $135,000 if it repeats the 2024 pattern on the weekly timeframe.

Analyst Rekt Capital also shared the price exploration roadmap of Bitcoin, showing that BTC is "transitioning to price exploration phase 2," as illustrated in the chart below.

This scenario is similar to the price action from January to March 2024, when BTC increased by over 91% to return to ATH levels above $73,000. According to the analyst, if that scenario repeats, BTC could reach its next peak around $150,000.

Weekly BTC Price Chart | Source: Rekt CapitalCurrently, Bitcoin is looking for the next catalyst to reach the $155,000 target after a successful retest of the critical level of $106,000.

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