【Viewpoint: The current rise of Bitcoin has 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 occurs when the RSI trend is downward while the price trend is upward.) Furthermore, the trading volume at 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 decreased, with the trading volume of Bitcoin futures on the Chicago Mercantile Exchange (CME) failing to exceed 35,000 contracts for three of the past four weeks. In contrast, during the last breakout of $100,000, the trading volume often exceeded 65,000 contracts, with three instances surpassing 85,000. Additionally, the open interest has also diverged from the price, with the current open interest down 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, despite a price increase of 6.6%, the open interest had decreased by 15.6% from the initial peak of $65,000. Oliver Knight further stated that these indicators indeed suggest that, although Bitcoin's price may reach new highs like in 2021, the momentum of this trend is weakening.

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