Viewpoint: The current rise of Bitcoin has a potential double top structure similar to that of 2021.

[Viewpoint: The current rise of Bitcoin shows a potential double top structure similar to 2021] Coindesk analyst Oliver Knight stated that the price movement of Bitcoin this time is accompanied by on-chain indicators similar to those in 2021, which may form a potential “double top” structure. Oliver Knight explained that the first indicator to pay attention to is the weekly RSI, which showed three bearish divergences in March 2024, December 2024, and May 2025. (RSI is a technical indicator that measures the average gains and average losses over a certain period to assess potential overbought or oversold conditions. A bearish divergence occurs when the RSI trend is downward while the price trend is upward.) Additionally, the trading volume during this breakout was lower than the level seen during the initial breakout of 100,000 USD, indicating that the momentum of this pump is weakening. The trading volume for cryptocurrencies and institutional trading platforms has also declined, with the Chicago Mercantile Exchange (CME) Bitcoin futures trading volume failing to exceed 35,000 contracts in three out of the past four weeks. In contrast, during the last breakout at 100,000 USD, the trading volume frequently exceeded 65,000 contracts, with three instances surpassing 85,000. In addition, the contract open interest has diverged from the price movement. Currently, the open interest has decreased by 13% from its initial rise to $109,000 in January, while the price has only dropped by 5.8%. Four years ago, when Bitcoin reached $69,000, despite the price rising by 6.6%, the open interest had fallen by 15.6% from its initial peak of $65,000. Oliver Knight added that these indicators do suggest that, although Bitcoin prices may reach new highs like in 2021, the momentum of this trend is weakening.