📌Bitcoin Faces Bearish Divergence Signals Despite Monthly Gains🚨🚨🚨
Bitcoin Faces Bearish Divergence Signals Despite Monthly Gains❗️
〽️Weekly Close Seen as Crucial Indicator
Bitcoin ($BTC ) ended May with an 11% gain, but traders are now focused on the weekly close, which many view as pivotal for the market’s direction. The cryptocurrency has faced ongoing downward pressure, attempting to reclaim the $105,000 level. This move brings BTC back to major support, notably the December 17, 2024 local top at around $104,450.
Bearish Divergence Raises Caution Flags
Popular trader Matthew Hyland warned of a bearish divergence forming between Bitcoin’s price and the Relative Strength Index (RSI) on the weekly chart—a classic sign of weakening momentum. Fellow analyst Titan of Crypto supported this view, pointing to a developing RSI divergence and highlighting two fair value gap (FVG) zones at $97,000 and $90,000, suggesting potential downside targets.
Long-Term Bullish Structure Intact
Despite the recent 8% weekly drop, trader CrypNuevo remains optimistic. He believes that if $BTC dips below $100,000—a key psychological level—it could act as a “price magnet” before rebounding. He sees $84,000 as strong bull market support. CrypNuevo emphasizes the importance of a healthy correction to sustain the broader uptrend.
