Bitcoin price struggles to push higher as overbought RSI and weak volume limit momentum
Bitcoin price is showing signs of strength, but the rally is beginning to encounter technical friction.
- Bitcoin bounced off the 50 EMA after a short pullback, keeping the uptrend intact
- Price is 3.5% below all-time high but faces resistance near $107,300
- Stable funding rates show reduced leverage-driven risk in current rally
After a clean breakout from a multi-day consolidation last Sunday, price quickly pulled back on Monday only to resume its upward trajectory, bouncing off the 50 EMA on the 4-hour chart. This confirmed the pullback as a retracement rather than a reversal, setting the stage for a short-term continuation.
However, volume on the move higher was rather declining, making each bullish attempt less convincing. The price action on Monday left a gravestone Doji candlestick on the daily chart, an uncommon but potentially bullish formation when seen after a retracement phase during an uptrend. Still, that signal has not delivered much follow-through.
BTC price dynamics (April - May 2025). Source: TradingView
On Tuesday, May 20, Bitcoin opened near $105,500, the same level it closed on Monday and quickly pushed toward the prior high of $107,100. But by the European session, price had retraced back toward the opening, showing signs of indecision. The RSI on the daily chart hovers above 70, reflecting overbought conditions and reducing the probability of a sustained breakout in the near term.
Bitcoin structure stays bullish as EMAs above $100,000 continue to support trend outlook
Bitcoin is currently sitting on a -0.8% weekly decline but maintains a solid month-to-date gain of around 12%. Despite the near-term stalling, Bitcoin is just 3.5% away from its all-time high of $109,300. Yet to get there, it would need to clear buy-side liquidity near $107,300, a level that has acted as a ceiling so far.
A constructive feature of this uptrend is the absence of overheated funding rates. Previous rallies were often characterized by excessive leverage, which increased volatility and triggered sharp corrections. The more stable funding conditions observed now hint at healthier sentiment and more selective positioning from traders.
From a technical standpoint, the alignment of the 4HR 20, 50, and 100 EMAs above the $100,000 psychological level gives structural support to the broader uptrend. But until stronger volume supports a clean move through $107,300, Bitcoin may struggle to break the final stretch toward new record highs.
Bitcoin broke out of a tight 10-day range and rallied to $106,700 backed by rising volume and EMA support. The rally faded near all-time high and price retreated as bullish momentum weakened.
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