Bitcoin (BTC) starts June with BTC price action in a dangerous place — can buyers preserve key bull market support levels?
Bitcoin traders are gearing up for fresh volatility as the highest-ever monthly close contrasts with increasing bets of a $100,000 retest.
Labor market weakness and Fed policy are back under the microscope as inflation diverges from interest rates.
The latest price volatility has led investors across the hodler spectrum to rethink their BTC exposure.
Retail is only just waking up, but Bitcoin whales are already exhibiting classic trend reversal behavior.
Can profitability fuel another run to as high as $120,000?
Bitcoin RSI data taints best-ever monthly close
Bitcoin managed to “save” the weekly candle close by the skin of its teeth, capping a week of retracement, which at one point totaled 8%.
At around $105,700, data from Cointelegraph Markets Pro and TradingView shows, the weekly close came in above a key level from December 2024 — one which analysis stated needed to hold.
$BTC / $USD – Update
We held above $104,500 on the weekly close. Bullish on this. pic.twitter.com/anfq88qeQt
— Crypto Tony (@CryptoTony__) June 2, 2025
The results, however, were bittersweet, with a bearish divergence playing out on the relative strength index (RSI).
A classic trend strength indicator, RSI has printed a lower high as price hits and withdraws from its highest-ever levels.
“Weekly bearish divergence locked in – and a potential bearish retest forming here as well,” popular trader Jelle warned in a post on X.
“Big day ahead for Bitcoin, testing some lower levels is not unlikely so long as the black line isn’t reclaimed.”BTC/USD 1-week chart with RSI data. Source: Cointelegraph/TradingView
May ultimately sealed 11% gains, and marked the highest monthly close ever for BTC/USD despite the late comedown.
Now, data from monitoring resource CoinGlass shows that the majority of order book liquidity lies above, not below, price.
In his latest X thread, fellow trader CrypNuevo used liquidity to predict an eventual rebound to $113,000.
‘We’ll eventually hit that range. Ideally $100k –> $113k,” he…
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