Bitcoin (BTC) price action retargets $105,000 after the Wall Street open, rising 2.5% from the day's lows.

BTC price action retargets $105,000 after the Wall Street open, rising 2.5% from the day's lows.

Bitcoin (BTC) sought a rebound from a 4% dive at the May 19 open as traders diverged on bull market strength.

BTC/USD passed the $104,500 mark, in 2.5% gains from the day’s lows. The pair had seen flash volatility around the weekly close, which although the highest ever recorded swiftly saw bulls lose control.

Now, opinions differed about when, or if, new all-time highs would come.

"This is exactly what Bitcoin needs to be doing," wrote optimistic analyst Rekt Capital in part of his latest X, formerly Twitter, analysis.

Popular trader Daan Crypto Trades flagged $102,000 and $106,000 as the levels to watch above and below spot price.

"These mark the local range low and high and price has been trading within these for most of the last 1-2 weeks."

The area around $106,000 was also on the radar for onchain analytics firm Glassnode.

"BTC's price surge stalled just below $106.6K - a level with 31K #BTC held at that cost basis."

Trader: ‘Too many bearish signs to ignore’ on Bitcoin

A renewed warning meanwhile came from fellow trader Roman, who considered weekly timeframes to be no longer in bulls’ favor.

"Not a good close as we rejected resistance, created more bearish divergences, and have pumped with low volume. Stoch RSI has also topped," he summarized.

Roman referred to the stochastic relative strength index (RSI) indicator, a trend strength tool now firmly in "overbought" territory.