Bitcoin’s recent price rally to an all-time high of nearly $112,000 on May 23 has captured the attention of the crypto world, with traders and analysts buzzing about the next potential milestones. Yet, as Bitcoin consolidates after this meteoric rise, signs of “easing momentum” are beginning to emerge, raising eyebrows about the sustainability of this bullish trend.
Momentum Easing: Analyzing the Current Bitcoin Landscape
Recent data from market intelligence firm Glassnode indicates that Bitcoin’s daily relative strength index (RSI) has dipped from a high of 79.6 to 67, signaling a possible cooling of buyer enthusiasm. This shift suggests that the intense upward momentum may be waning, sparking discussions about a potential pause—or even a reversal—in Bitcoin’s recent bullish trajectory.
Digging deeper, Bitcoin futures have shown a noticeable flip towards bearish sentiment. The perpetual cumulative volume delta (CVD) has plummeted by 43%, from -$425.4 million to -$608.2 million, reflecting robust sell-side pressure that’s making some traders more cautious. “The persistent decline in CVD highlights a dominant sell-side in Bitcoin’s futures market,” Glassnode noted in its latest report.
Market Sentiment: Holding the Line Amidst Predictions
Despite these signs of easing, the optimism among traders remains palpable. Bitcoin has consistently closed above the $106,000 mark over the past week, a level viewed as crucial support by many in the market. “Bitcoin is still holding above the 106K level,” remarked analyst AlphaBTC in a recent post on X, underscoring the importance of this threshold.
Meanwhile, some experts are eyeing even loftier goals. Michael van de Poppe, founder of MN Capital, believes Bitcoin is “looking to attack” new highs, though he acknowledges a potential retest of the $102,000 level before surging higher. “Up we go,” he confidently stated, hinting at a possible rally towards $115,000 and beyond. This optimism echoes sentiments from earlier in the year, as highlighted in Bitcoin Traders’ Favorite Lottery Ticket for the First Half of the Year — The $300K BTC Call.
Adding to this bullish fervor, Titan of Crypto has utilized Fibonacci retracement levels to forecast a cycle top of $135,000, should Bitcoin replicate a pattern observed in 2024. A fellow analyst, Rekt Capital, highlighted a “Price Discovery Uptrend 2,” echoing a period from early 2024 when Bitcoin rallied over 91% to surpass $73,000. If history were to repeat itself, some speculate a peak near $150,000 could be on the horizon.
The Road Ahead: Bullish Ambitions and Market Realities
While the $150,000 target looms tantalizingly close, the path forward isn’t without its hurdles. Bitcoin’s journey is fraught with potential pitfalls and market volatility, necessitating a careful watch on key levels and market dynamics. The ongoing dialogue among experts reflects a market in flux, balancing between exuberant optimism and prudent caution.
Looking ahead, Bitcoin is on the hunt for its next catalyst to propel it towards the ambitious target of $155,000. The recent successful retest of the $106,000 level has bolstered confidence, yet the question remains—can this momentum sustain amidst the evolving market landscape? This follows a pattern of growing institutional interest, as detailed in Bitcoin Surges Past $94,000 as Institutional Interest and Market Optimism Grow.
As the crypto community watches with bated breath, only time will reveal whether Bitcoin can overcome its current challenges and continue its ascent. One thing’s for certain: the next few weeks promise to be anything but dull in the world of cryptocurrencies.
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This article is based on: Bitcoin shows signs of 'easing momentum' but traders still expect $150K
Further Reading
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
