Disappointment hangs over the cryptocurrency market as Bitcoin’s recent recovery attempt has fallen flat, with prices sliding over 6% since May 23, 2025. The leading cryptocurrency now trades just above $104,000, struggling to maintain momentum after reaching an all-time high of $112,000 earlier this month.
Technical analysts point to a bearish “Three Pushes to a High” pattern on the daily chart, suggesting the upward momentum has exhausted itself. It’s like watching a runner who’s sprinted too hard in the first lap – now they’re gasping for air while competitors prepare to overtake. This pattern, coupled with three consecutive lower highs since the peak, paints a concerning picture for bulls hoping for immediate continuation.
Bitcoin’s rally resembles an exhausted sprinter—gasping for air as competitors prepare to overtake after three weakening pushes higher.
The market’s volatility has also dropped substantially, with 30-day implied volatility touching an 11-month low. While some traders might welcome the relative calm – like a brief intermission during an otherwise chaotic play – historically, these quiet periods often precede dramatic price movements in either direction. The struggle at the $90K resistance level is particularly telling as retail investors show signs of FOMO despite the technical hurdles.
Institutional interest appears to be cooling temporarily, evidenced by declining open interest in CME futures and options markets. Without these big players providing liquidity, Bitcoin may struggle to mount a convincing recovery in the short term.
Critical support now stands at $104,000, with $102,900 representing a vital threshold. A breakdown below these levels could shift the market structure to decisively bearish, potentially triggering a drop toward the 100-day EMA at $96,559.
Not all signals are negative, however. The recent formation of a Golden Cross – a technical pattern with historically bullish implications – suggests longer-term upside potential remains intact. This rare occurrence serves as a macro-level signal with impressive historical accuracy for predicting multi-month rallies. Additionally, continued institutional adoption and ETF activity could provide fundamental support in the coming months.
For now, Bitcoin appears caught in limbo between $100,000 and $120,000, with traders closely watching for a monthly close above $115,000 to reignite bullish sentiment across the cryptocurrency market.
