$BTC

BTC price is fighting resistance from the supplier congestion zone between $108,800 and its all-time high just below $112,000. Bitcoin bulls are required to flip this level back into support to usher BTC into price discovery.

The BTC/USD pair is still validating a bull flag pattern on the daily time frame with support at $106,000, or the upper boundary of the flag.

Meanwhile, the relative strength index (RSI) is facing down and has dropped to 56 from 64 over the last four days, indicating decreasing bullish momentum.

Therefore, a daily candlestick close below the support level at $106,000 would invalidate the bull flag setup. If this happens, the BTC/USD pair could drop back into the confines of the flag channel, where it could continue consolidating for a few more days.$BTC