Key points:
- Bitcoin RSI data shows a bearish divergence, leading traders to anticipate lower price levels.
- The May monthly candle closed with 11% gains, but the focus is now on the upcoming weekly close.
- Potential areas of interest include $97,000 and the psychologically significant $100,000 mark.
Bitcoin (BTC) is struggling to maintain its 2024 all-time highs on June 1 after the May monthly candle delivered an 11% gain.
Bitcoin RSI Divergence Hints at Potential Lows
Data from TradingView indicates that BTC/USD is attempting to reclaim $105,000 ahead of the weekly close.
Recent downward pressure has brought Bitcoin back to significant support levels seen earlier in the bull market.
A key level to watch is around $104,450, representing a previous local top from Dec. 17, 2024.
Trader Matthew Hyland has described the weekly close level as “pivotal.”
#BTC Weekly close now pivotal pic.twitter.com/QFvhnVRuba
— Matthew Hyland (@MatthewHyland_) May 30, 2025
Hyland’s chart highlights a bearish divergence between the price and the relative strength index (RSI) on the weekly timeframe.
The RSI is a classic indicator used to measure the strength of a trend by assessing momentum at specific price points.
Trader Titan of Crypto has also warned that this divergence could have broader implications for bullish sentiment.
“A potential RSI bearish divergence is forming on the weekly chart. Still unconfirmed but worth watching,” he told his followers on May 31.
An accompanying chart pointed to fair value gaps (FVGs), as indicated by Fibonacci retracement levels, highlighting imbalances between buyers and sellers as the price climbed.
Two significant FVG zones are identified at $97,000 and $90,000.
“After a +50% run, a cooldown wouldn’t be a bad thing. Healthy market structure matters,” Titan of Crypto noted.
BTC Price Uptrend Remains “Intact”… For Now?
According to order book liquidity data, trader CrypNuevo suggests that the $100,000 level could act as a price magnet if the market experiences further declines.
“It’s a strong psychological level and liquidity tends to stack in these levels. Potential retest of this level first,” he stated in a recent X thread.
CrypNuevo remains optimistic about the overall bullish market structure, despite BTC/USD dropping 8% in the past week.
“So I think we’ll probably drop to $100k and play around there for some days – even a slight temporary drop below it to shake the market would make sense,” he concluded.
“But in the big picture, we have the bull market support at $84k catching up to price; uptrend is intact; liquidity is above.”
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.