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Market Direction

BTC consolidates between critical support and highs

Published: May 23, 2025
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Bitcoin is testing fresh all-time highs, with open interest surging and RSI overheating. Consolidation between $105K and $112K could set up the next leg up. Stay patient as momentum builds.

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Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.


  • BTC's Open Interest has soared to new highs, whilst Funding Rates have turned positive, although they're not in frothy territory.
BTC's open interest (by USD value):

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Technical analysis

  • BTC has broken out of its all-time highs and the key horizontal resistance of $106,700.
  • Price has stalled at $112,000, with price now pulling back and retesting the $106,900 horizontal level, which is now new support.
  • Should price break below the $106,900 horizontal support, the $105,000 support is just below. However, if we see a breakdown below $105k, the price will likely pull back to
  • $95,700.
  • In terms of upside, if the price can break back above the all-time highs of $111,900, then we expect the short-term price target to be $120,000.
  • The RSI is just below overbought territory; however, its moving average is overbought, and it's the most overbought it's been since Trump won the election.

Cryptonary's take

BTC has broken out to new all-time highs, and it's possible that the price can continue moving up in the short term. However, our expectation here is that price consolidates between $105k and $112k for a small period (potentially a week). This would be healthy for the uptrend to continue, as it would allow the overbought indicators some time to reset. We would look to buy Spot BTC between $91,000 and $95,700, but in the meantime, we're not chasing price, and we're remaining patient.

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  • Next Support: $106,900
  • Next Resistance: $112,000
  • Direction: Neutral/Bullish
  • Upside Target: $120,000
  • Downside Target:$105,000

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