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What technical indicators suggest about Bitcoin’s near-term price trajectory?

by | May 24, 2025 - 4:01

Bitcoin’s recent price action shows strong support at $107,400 despite the 2.24% pullback, with the 50-day moving average maintaining an upward slope. Derivatives data reveals growing open interest in $110K-$120K call options, indicating expectations of resumed upward momentum.

On-chain metrics highlight the strongest accumulation pattern since January 2024, with wallets holding 100+ BTC adding 12,000 coins weekly. This suggests institutions and whales are buying dips, though exchange reserves remain stable – reducing immediate sell pressure.

Technical analysts note the Relative Strength Index (RSI) cooled from overbought 78 to 62, creating healthier conditions for continued growth. Fibonacci extensions suggest $118K as next resistance if Bitcoin maintains above $109K support.

This article is for informational purposes only and does not constitute financial advice. Please conduct your own research before making any investment decisions.

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Dean J. Driessen

Dean J. Driessen

Editor-in-Chief / Coin Push Dean is a crypto enthusiast based in Amsterdam, where he follows every twist and turn in the world of cryptocurrencies and Web3.

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