Bitcoin recently defied several bearish predictions, breaking more resistance amid negative expectations. Its surge in the second half of April shocked many, sparking speculations of a possible dip to $70k. The hike to $90k and $100k a few days later caused many investors to feel FOMO.
However, its price action last week left revived bearish expectations. BTC resumed its uptrend with an over 3% increase on Sunday, surging from $103,172 to $106k for the first time since February. It retraced on Monday, dipping to a low of $102k. Although it recovered, it started Tuesday with slight declines, dipping to a low of $104k.
The one-day chart shows that the apex coin traded sideways for most of the previous week. Its most recent surge may be an expansion of its range-bound movement. The conclusion follows its constant test of the $107k resistance over the last three days.
Nonetheless, its previous dip suggests that it has more downward pull. Trading volume dropped by over 25% in the last 24 hours, which may indicate a drop in buying pressure. Several factors caused the recoveries in the previous two days.
One such case was the news of JPMorgan’s acceptance of Bitcoin purchases. The investment bank announced that it would allow its clients to buy BTC but would not provide custody services. This latest declaration marks a positive turn after its CEO revealed his skepticism about cryptocurrency.
It is worth noting that the demand for BTC ETFs is growing. According to data from SoSoValue, on Monday, it registered an inflow of $667 million, the highest influx in the last two weeks.
Bitcoin’s decline ended on Tuesday after another bullish news. The United States Senate voted on a bill that will foster crypto regulation. They voted to advance the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act of 2025.
Bitcoin Gears Up for More Uptrend
The crypto market is celebrating the voting on the GENIUS Act, as it will improve the landscape across the US. Investors anticipate more positive legislation regarding the industry, as the latest move indicates a lessening grip on the sector.
Nonetheless, Indicators print massive bullish signals. The pivot point standard shows that the apex coin maintains upward momentum amid the slight decline. It broke above the first pivot resistance two weeks ago and has since hovered around it.
The accumulation and distribution chart shows ongoing buying pressure as the bulls soak up the supply. The bollinger bands show the asset has room for more surges as BTC trades close to the upper band, but must break $109k to break out of the bands.
Bitcoin may be gearing up for such a breakout. The one-day chart shows the 50-day moving average edging close to crossing the 200-day moving average. Following its death cross in April, the massive surges saw the metric resume its uptrend. It may display a golden cross in three days, heralding more price increases.
BTC is Overbought
While several indicators are positive, the relative strength index blares warnings. The metric is at 72 at the time of writing, indicating that BTC is overbought and due for a massive correction. The trend reversal may happen in the coming days.
The apex coin may retrace as low as the $102k support in the event of retracements.
