Bitcoin traders target below $100,000 as the monthly candle records an 11% increase.

Bitcoin has managed to maintain the ATH level in 2024 on June 1 after the monthly candle closed with an 11% increase.

BTC/USD Chart – 1 Hour | Source: TradingView## Bitcoin Signals Correction

Data from Bitcoin Magazine and TradingView shows that BTC/USD is attempting to reclaim $105,000 by the weekend. The continuous decline throughout the week has seen Bitcoin test important support levels of the bullish market. Leading among these is the local peak from December 17, 2024, at around $104,450.

Trader Matthew Hyland described the weekly closing level as a "key signal". Hyland shared a chart showing the bearish divergence between the price and the Relative Strength Index (RSI) on the weekly timeframe.

RSI is a momentum indicator that measures the strength of a trend at certain price points. Trader Titan of Crypto also warns that divergence can be a sign for bulls to pay attention to.

"The potential bearish RSI divergence is forming on the weekly chart. It is not confirmed yet, but this is a signal to watch out for," he told his followers on X on May 31.

A chart accompanying a reference to the fair value distance (FVG) measured by Fibonacci retracement levels, showing the imbalance between buyers and sellers as the price rises to the current area. The two notable FVG zones are $97,000 and $90,000.

"After a +50% increase, a cooling off will not be a bad thing. A healthy market structure is an important foundation," Titan of Crypto acknowledged.

BTC/USD 1-week chart with RSI data | Source: Titan of Crypto## The bullish trend of BTC is still "intact"

Based on order book liquidity data, trader CrypNuevo believes that the $100,000 level could act as a price magnet if the market continues to decline. "This is a strong psychological level and liquidity tends to accumulate at these levels. The first is the possibility of retesting the $100,000 area," a part of the post on X remarked.

CrypNuevo remains confident in the overall bullish market structure despite the BTC/USD dropping 8% in the past week.

"We may drop to $100,000 and float around there for a few days, even creating a slight temporary dip below this level to shake the market," he concluded.

"But looking at the big picture, we have market support at $84,000 catching up with the current price; the upward trend remains intact; liquidity is still above."

BTC order book liquidity data | Source: CrypNuevoVincent