Bitcoin experienced a decline in today's session, dropping from the weekly high near $105,000 reached on Monday, May 12, to around $102,700 currently, a decrease of about 1.4% over the past 24 hours, after peaking at $104,156 this morning before falling below the $103,000 barrier.
This decline was accompanied by a notable increase in trading volume: on the Binance platform, the trading volume of the BTC/USDT pair surged by about 18% to reach $2.3 billion, reflecting strong selling pressure in the short term. Data on the blockchain also showed a 10% increase in the number of transactions to 450,000 on May 14, indicating increased activity from both buyers and sellers.
From a technical perspective, the Relative Strength Index (RSI) surpassed the neutral level of 50 on the daily timeframe, reaching 58 so far, indicating the persistence of bullish momentum and the ability to continue before reaching an overbought level around 70. The price is currently facing a major resistance at $106,000, while $100,000 and $96,000 represent essential support levels that need to be confirmed before entering new buy positions.
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What is your perspective on the price movement of Bitcoin during the upcoming session? Do you expect a breakout above resistance or a pullback towards support? Share your opinion!