【Viewpoint: The current rise of Bitcoin shows a potential double top structure similar to 2021】Golden Finance reports that Coindesk analyst Oliver Knight stated that the current price trend of Bitcoin is accompanied by on-chain indicators similar to those in 2021, which may lead to a potential 'double top' structure. Oliver Knight explained that the first indicator to pay attention to is the weekly RSI, which has shown three bearish divergences in March 2024, December 2024, and May 2025 respectively. (RSI is a technical indicator used to measure the average gains and losses over a certain period to assess potential overbought or oversold conditions. A bearish divergence indicates that the RSI trend is moving downwards while the price trend is moving upwards.) Additionally, the trading volume during this breakout is lower than the level at the initial breakout of $100,000, indicating that the momentum of this rise is weakening. The trading volume on cryptocurrency and institutional trading platforms has also declined, with the trading volume of Bitcoin futures on the Chicago Mercantile Exchange (CME) failing to exceed 35,000 contracts in three out of the past four weeks. In contrast, during the last breakout at $100,000, the trading volume often exceeded 65,000 contracts, with three instances exceeding 85,000. Furthermore, the open interest has also diverged from the price trend; currently, open interest has decreased by 13% from the initial rise to $109,000 in January, while the price has only dropped by 5.8%. Four years ago, when Bitcoin reached $69,000, although the price increased by 6.6%, the open interest decreased by 15.6% from the initial peak of $65,000. Oliver Knight further stated that these indicators do suggest that although the price of Bitcoin may reach new highs like in 2021, the momentum of this trend is weakening.

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