$BTC 🚀🔥
📉 Bitcoin Retreats After Recent Surge — Is the Rally Losing Steam?
Bitcoin (BTC) saw a notable rally earlier in the week, climbing to close above $107,000 on Wednesday after bouncing back from a weekend dip. However, after briefly reaching around $107,400 on Thursday morning, the momentum appears to be slowing.
Last Sunday, the cryptocurrency slipped to a low of $98,200 but managed to avoid closing below the psychologically important $100,000 mark. That resilience triggered a sharp recovery to start the week, but now traders are watching closely to see if BTC can keep the rally alive — or if a pullback is on the horizon.
To surpass its record of $111,980 set on May 22, Bitcoin would need to hold its current gains and push even higher. A confirmed break and close above that level could open the door to fresh highs, with some analysts eyeing a potential target of $120,000.
Technically, the daily Relative Strength Index (RSI) reads 56 — above the neutral 50 — signaling modest bullish strength. Additionally, the MACD indicator is showing a bullish crossover as of Thursday, and a daily close in confirmation could reinforce the current trend.
However, if BTC fails to sustain its upward pace, a retracement could bring it back toward the 50-day Exponential Moving Average (EMA), currently near $103,543 — a level that may serve as support or a signal of deeper correction.
