Bitcoin Registers 10% Monthly Gain in May
02 Jun, 2025 ● Coin news
Bitcoin aimed to hold onto its 2024 all-time highs on June 1, following an 11% monthly gain after the latest candle close.
Data from TradingView showed BTC/USD trying to reclaim $105,000 heading into the weekly close.
The past week’s price action saw Bitcoin retest key support levels established earlier in the bull market, particularly the local high from December 17, 2024, near $104,450.
Popular trader Matthew Hyland described this weekly close level as “pivotal.”
Hyland’s chart pointed to a potential bearish divergence forming between Bitcoin’s price and the relative strength index (RSI) on weekly timeframes. RSI is a widely used indicator to measure price momentum.
Trader Titan of Crypto echoed the caution, noting that a potential RSI bearish divergence on the weekly chart—though still unconfirmed—was worth monitoring.
His analysis also referenced fair value gaps (FVGs) at $97,000 and $90,000, identified via Fibonacci retracement levels, as areas of imbalance that may draw price action.
Titan of Crypto added that, after a 50% rally, a cooldown would be healthy for market structure.
Meanwhile, trader CrypNuevo pointed to the $100,000 level as a likely magnet for price due to its psychological significance and liquidity concentration.
Despite an 8% drop in BTC/USD over the week, CrypNuevo remained bullish, suggesting a retest of the $100,000 level was possible, even with a brief dip below to shake out the market.
CrypNuevo emphasized that, despite short-term pullbacks, the broader bullish structure remains intact, with the bull market support level at $84,000 catching up to the current price.
Sources:
https://cointelegraph.com/news/bitcoin-traders-target-100k-and-under-monthly-close-seals-11-gain
https://www.tradingview.com/symbols/BTCUSD/?exchange=BITSTAMP
https://x.com/MatthewHyland_/status/1928254166259859499
