Bitcoin (BTC): Golden Cross Isn't Enough, Shiba Inu (SHIB) Volume Nears 0, XRP Risks Losing $2, but $3 is Possible

The price action of Bitcoin is exhibiting signs of weakness and hesitation even though it printed a golden cross. The price of the flagship cryptocurrency is currently down a little to $95,484 after recently rising toward $96,000 with little to no follow-through momentum. The problem: Despite its positive symbolism, the golden cross has not generated the institutional interest or volume spike that would normally be required to start a long-lasting rally. BTC may be approaching an overbought zone with little strength to push higher in the near future as evidenced by the volume already waning from the April breakout and the cooling RSI near 64. Investors may need to lower their expectations if they are anticipating a spectacular breakout. Given its current price structure, which points to a stall, Bitcoin may easily revert to the $91,000 support zone if momentum doesn't pick up quickly.

From a structural perspective, it is technically encouraging that Bitcoin has regained all of the major EMAs (50, 100 and 200). The absence of buying pressure following the breakout, however, is concerning. The macro environment continues to be significant. ETF flows have subsided following the large inflows at the start of May, and overall market sentiment is still risk averse as a result of macroeconomic uncertainty.

The price of Bitcoin could consolidate between $91,000 and $96,000 in the absence of new catalysts. Traders should keep a close eye on the $91,000-$90,000 level in the near future. The recent bullish structure may be invalidated by a breakdown below this zone, but bullish momentum may be reignited by a clean breakout above $97,000 with fresh volume.