Key Points Overview:
Bitcoin has shown bearish divergence across multiple timeframes, indicating a weakening bullish momentum and an increased risk of short-term pullback.
Some traders expect a breakout above $112,000, but increased selling pressure and liquidity sweeps suggest that such a breakout could be a trap.
On Thursday, the price of Bitcoin (BTC) briefly rose to $110,500, but due to bearish divergence across multiple timeframes, the cryptocurrency is facing upward resistance.
Technical analysts have identified divergence signals on the 15-minute, 1-hour, and 4-hour charts: prices continue to rise while momentum indicators (such as the Relative Strength Index, RSI) are trending lower. This reflects a weakening bullish momentum and an increased risk of a short-term pullback.
Zooming out to the daily chart, cautious sentiment is further amplified. In May of this year, a significant bearish divergence occurred between price and momentum indicators when Bitcoin reached an all-time high of $111,800. Although BTC briefly fell below $100,000 afterward, the divergence has not disappeared, indicating that potential bearish pressure is still at play. The short-term target range is set between $107,500 and $106,000.
This bearish tendency was further exacerbated after the U.S. Non-Farm Payroll (NFP) data was released last Friday. The data exceeded expectations, briefly pushing BTC close to $110,000, but the bulls failed to maintain the breakout, with the key psychological level being blocked, indicating a lack of buying strength in the current high range.
It is noteworthy that the perpetual contract funding rate remains at a neutral level. K33 Research analyst Vetle Lunde stated on X (formerly Twitter) that even when BTC reached historical high ranges, the funding rate remained stable, indicating that market bullish leverage is not active and traders lack confidence in a sustained breakout, which aligns with the current technical divergence.
As Bitcoin consolidates below $110,000, traders remain divided on the next market direction.
Trader Byzantine General, using a pseudonym, shared a chart indicating that based on futures data, Bitcoin may be building momentum to break above $112,000. This structure shows that open interest is rising in sync with prices, which historically corresponds to higher target levels.
Meanwhile, the market order book reflects increased selling pressure. Large active sell orders have appeared in the $110,000 region, typically indicating that investors are closing positions at this resistance level, consistent with past performances near historical highs—resistance areas often become points of liquidity exit.
Additionally, trader KillaXBT pointed out that Bitcoin has recently been frequently sweeping liquidity above resistance and below support, followed by rapid reversals. Such false breakouts are often intended to clear leveraged positions, paving the way for a genuine trend.
Related: Reports indicate that a crypto billionaire resisted kidnapping by biting off the kidnapper's finger.
Original: “Bitcoin (BTC) Price Hits New Highs, 'Divergence' Makes $110K a Key Resistance”
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