Bitcoin (BTC/USD) Market Undergoes Clear Pullback Within Broader Bullish Price Structure
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Bitcoin Price Prediction – May 29
BTC/USD market undergoes clear pullback within a broader bullish price structure. From an indicator standpoint, the RSI (Relative Strength Index) is currently at 67.95, just beneath overbought territory, suggesting a short-term exhaustion in bullish momentum.
This pullback is not unexpected after a strong upward rally, and the RSI value remains above the midline at 61.26, reinforcing the broader bullish sentiment. The RSI’s decline from recent highs supports the view of a corrective phase before the next impulsive leg higher. As long as RSI stays above 50 during the retracement, the likelihood of a bullish continuation remains intact.
BTC/USD Market Key Levels:
Resistance Levels: $112,000, $115,000, $125,000
Support Levels: $95,980, $85,010, $74,420
BTC/USD – Daily Chart
The BTCUSD daily chart shows an ongoing retracement as the market recovers from an overbought state.
Price action on the daily chart confirms a minor retracement phase, with BTCUSD stalling below resistance at $112,000 and now consolidating around $108,000. A deeper pullback may extend toward the $104,000–$102,000 zone, aligning with the 0.618 Fibonacci retracement level of the recent rally.
Key support lies at $95,980, and any further drop that holds above this level would likely form a higher low structure. Previous resistance near $100,000 may also attract buyers looking to re-enter the market at a discounted price.
What is the likely projection of BTCUSD?
Looking ahead, BTCUSD is expected to resume its bullish trend after the current retracement phase completes. A rebound from the $102,000–$104,000 area would set the stage for a rally back toward $112,000, with an eventual breakout targeting the next psychological resistance at $115,000.
If bullish momentum strengthens, price could advance further toward $125,000 in the coming weeks. The structure remains bullish while above $95,980, and this correction is likely to serve as a springboard for renewed upside continuation.
BTC/USD – Four-Hour Chart
BTCUSD is set to shift downward as price fails to form higher high above $112,000 resistance. A rebound from the FVG (Fair Value Gap) is expected to drag the price below the $106,630 swing low. The pullback will likely continue into the discount zone before the overall bullish trend resumes.
Bitcoin (BTC) Current Statistics
The current price: $107,830
Market Capitalization: $2,160,000,000,000
Trading Volume: $52,350,000,000
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