Bitcoin Price Analysis: Bulls Show Signs of Exhaustion

Bitcoin (BTC) has stabilized around $104,000 after a 10.44% rally last week. Despite the recent surge, bulls are showing signs of exhaustion, with the Relative Strength Index (RSI) on the daily chart reading 73, above its overbought level of 70.

Key Levels to Watch

- Resistance: $105,000

- Support: $100,000 (psychological level)

- All-Time High: $109,588

Potential Scenarios

1. *Pullback*: If BTC continues to face resistance around $105,000, it may extend its decline to retest the $100,000 level.

2. *Breakout*: If BTC breaks and closes above $105,000, it could rally towards its all-time high of $109,588.

Market Momentum

The RSI's downward movement suggests a decrease in bullish momentum, which could lead to a fall in Bitcoin's price. However, if bulls can push the price above $105,000, it may signal further upside potential.

Conclusion

Bitcoin's price action will depend on its ability to overcome the $105,000 resistance level. Investors should closely monitor the RSI and key support levels to gauge the market's direction.#BTCPrediction #BTCNextATH