Bitcoin Price Prediction for May 24: Bulls Pause Near $112K as Breakout Momentum Cools

After staging a powerful rally from below $102,000, the Bitcoin price today is trading near $111,150, showing signs of exhaustion just below the key resistance ceiling at $112,000. The move comes after a steep breakout on May 20 that took the Bitcoin price above multiple trendline resistances and historical supply zones. 

Highlights:

• Bitcoin price today hovers near $111,150 as bulls face $112K resistance
• RSI and MACD point to fading momentum after recent breakout
• Key support zone rests between $109,200 and $108,300

However, current indicators suggest a pause may be ahead, as the bulls face a stiff test in maintaining the momentum. The broader Bitcoin price action remains bullish, but the short-term structure now points to potential consolidation or even a short-term pullback if bulls fail to hold key support clusters near $109,200 and $108,300.

What’s Happening With Bitcoin’s Price?

The recent price surge has created an ascending wedge structure on the 30-minute chart, with a visible squeeze near the $112,000 upper bound. This zone has capped price progress across multiple attempts since May 21, forming short wicks and signs of rejection. On the 4-hour chart, the Bitcoin price update reveals a strong cluster of EMAs—20, 50, 100, and 200—all trending upward, confirming the bullish medium-term structure.

However, momentum on the 30-minute timeframe is starting to fade. The Relative Strength Index (RSI) has dipped to 48.47 from overbought conditions earlier, while MACD has crossed bearish, with the histogram beginning to print red bars. This weakening momentum, paired with price stagnation near resistance, suggests the asset may consolidate before the next move.

Key Resistance Holding as Price Struggles to Breakout

Bulls attempted to push the Bitcoin price spikes past the $112,000 resistance several times, but failed to hold those levels for long. The rejection candles formed near this range coincide with the top band of the Bollinger indicator on the 4-hour chart, signaling that Bitcoin price volatility has reached an elevated level.

Support-wise, the $109,200 to $108,300 region is now critical. This zone includes the 20 and 50 EMA confluence, which acted as a springboard for the recent upside. If Bitcoin price today breaks below $108,000, the next key downside support sits at $106,300, with further protection at $103,600.

The Stochastic RSI and Chande Momentum Oscillator on lower timeframes are also turning bearish, with the Stoch RSI crossing into the oversold zone while ChandeMO slips into negative territory. These signals align with the potential of a short-term pullback or range-bound movement.

Why Bitcoin Price Going Down Today?

The question on many traders’ minds is: Why Bitcoin price going down today after such a strong breakout? The answer lies in technical exhaustion. After a vertical run from $102,000 to $112,000, BTC is showing signs of overextension. The RSI divergence and MACD weakening hint at momentum fading. Additionally, buyers may be taking profit near round psychological levels like $112,000, especially with resistance visible on both intraday and daily timeframes.

If Bitcoin breaks below its ascending triangle support around $110,500, it could trigger a short-term correction toward the $108,800 zone before attempting a fresh leg higher.

Short-Term Outlook for Bitcoin Price

Despite short-term exhaustion, the mid-term trend for BTC remains intact. As long as the Bitcoin price stays above the $106,000 zone, the bias leans bullish. If bulls manage to breach and sustain above the $112,000 barrier, the next target sits near $114,000–$114,500, followed by $118,000.

On the flip side, failure to hold $109,000 could result in a retracement to the $106,000–$103,000 demand area. These levels are crucial for preserving bullish structure going into the final week of May.

BTC Forecast Table

The Bitcoin price update for May 24 reflects a cautious pause after an impressive breakout. While the bulls retain control in the broader trend, short-term pressures are mounting as BTC hovers near a key inflection point. Traders should closely watch the $109,200 support and $112,000 resistance to determine whether the current structure resolves in favor of continuation or correction.