Viewpoint: The current rise of Bitcoin has a potential double top structure similar to that of 2021.

[Opinion: The current rise of Bitcoin has a potential double top structure similar to 2021] Coindesk analyst Oliver Knight stated that this time the price movement of Bitcoin is accompanied by on-chain indicators similar to those in 2021, which may form a potential "double top" structure. Oliver Knight explained that the first indicator to pay attention to is the weekly RSI, which has shown three bearish divergences in March 2024, December 2024, and May 2025. (RSI is a technical indicator used to measure the average gains and losses over a certain period to assess potential overbought or oversold conditions. A bearish divergence refers to the RSI trend moving down while the price trend is moving up.) Additionally, the trading volume at the time of this breakout is lower than the levels seen during the initial breakout at $100,000, indicating that the momentum of this rise is weakening. The trading volume for both cryptocurrencies and institutional trading platforms has decreased, with the Chicago Mercantile Exchange (CME) Bitcoin futures volume failing to exceed 35,000 contracts in three of the last four weeks. In contrast, during the last breakout at $100,000, the trading volume frequently exceeded 65,000 contracts, with three instances surpassing 85,000. In addition, the contract open interest has diverged from the price movement. Currently, the open interest has decreased by 13% from its initial rise to $109,000 in January, while the price has only dropped by 5.8%. Four years ago, when Bitcoin reached $69,000, despite the price rising by 6.6%, the open interest had decreased by 15.6% from the initial peak of $65,000. Oliver Knight added that these indicators do suggest that although Bitcoin prices may reach new highs like in 2021, the momentum of this trend is weakening.