#BTC110KToday?

Bitcoin is shy of its record highs.

Bitcoin price rose sharply by 7.32% last week, closing above $108,000. At the time of writing on Monday, it hovers at around $108,500.

If BTC continues its ongoing rally, it could extend toward the May 22 all-time high at $111,980. A successful close above this level could extend additional gains to set a new all-time high at $120,000.

The Relative Strength Index (RSI) on the daily chart reads 59, above its neutral level of 50, indicating bullish momentum. The Moving Average Convergence Divergence (MACD) on the daily chart also displayed a bullish crossover on Thursday, providing a buy signal and indicating an upward trend.

However, if BTC faces a correction, it could extend the decline to find support around the 50-day Exponential Moving Average (EMA) at $104,158.