$BTC News from BlockBeats, on May 14, analyst Oliver Knight from Coindesk stated that the current Bitcoin price trend, along with on-chain indicators similar to those in 2021, could form a potential "double top" pattern. Oliver Knight explained that the first indicator to watch is the weekly RSI, which has shown three bearish divergences in March 2024, December 2024, and May 2025 respectively. (RSI is a technical indicator used to measure the average gains versus the average losses over a certain period to assess overbought or oversold conditions. A bearish divergence means the RSI trend is declining while the price trend is rising.) Additionally, the trading volume during this breakout is lower than the volume during the initial breakout at $100,000, indicating that the momentum of this wave is weakening. Trading volume across both the cryptocurrency market and institutional trading platforms has decreased. The Bitcoin futures volume on the Chicago Mercantile Exchange (CME) has not exceeded 35,000 contracts in three of the last four weeks. In contrast, during the previous breakout to $100,000, the volume often exceeded 65,000 contracts, with three instances surpassing 85,000 contracts.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content.See T&Cs.