Bitcoin Buyers Show Signs of Exhaustion, Yet Analysts Suggest Possible Rally Toward $150K
The post Bitcoin Buyers Show Signs of Exhaustion, Yet Analysts Suggest Possible Rally Toward $150K appeared on BitcoinEthereumNews.com.
Bitcoin’s recent surge to nearly $112,000 has sparked discussions on market sustainability, revealing buyer fatigue amidst bullish optimism. Despite signs of exhaustion, many analysts maintain that Bitcoin could still target $150,000 should critical support levels hold firm. According to market intelligence firm Glassnode, “a decline in momentum may signal cooling buyer enthusiasm,” indicating a potential pause in Bitcoin’s bullish trend. Bitcoin’s ascent to $112K shows buyer fatigue, yet analysts eye $150K as a viable target if key support levels are maintained. Read on to learn more. Bitcoin’s Rally to $111K Triggers Buyer Fatigue Bitcoin’s (BTC) astonishing climb to $111,000 has raised questions about market sustainability as the daily relative strength index (RSI) indicated overbought conditions reaching 79.6. Recently, the RSI has experienced a significant decrease, dropping 15% to approximately 67, according to insights from Glassnode. The firm noted: “This decline may signal cooling buyer enthusiasm, reduction in upward momentum, and a potential pause or reversal in the recent bullish trend.” The latest data also underscores a shift in trader sentiment. Although Bitcoin futures open interest (OI) has increased significantly, reaching all-time highs, the perpetual cumulative volume delta (CVD) has shown a concerning downward trend. This suggests a rise in “stronger sell-side flows” and a more cautious demeanor among investors. Understanding Market Sentiment: Analyzing Bitcoin’s CVD Recent data from Glassnode indicates that the perpetual CVD for Bitcoin has fallen from -$425.4 million to -$608.2 million, representing a 43% decrease. This downward trajectory reflects a shift in market sentiment, as noted in their analysis: “The persistent decline in CVD reflects bearish sentiment, highlighting dominant sell-side pressure in Bitcoin’s futures market.” Bitcoin Traders Set $150,000 Price Target As of May 27, Bitcoin was trading at $109,600, maintaining its position above the crucial $106,000 support level throughout the past week. Analyst AlphaBTC remarked on…
