$BTC

Will BTC refresh its record highs?

Bitcoin price rebounded after retesting its previous broken upper boundary of a consolidation zone at $108,355 on Friday and rose slightly over the next two days. At the time of writing on Monday, it continues to trade higher above $109,000.

If BTC continues its upward momentum, it could extend the rally toward the May 22 all-time high at $111,980.

The Relative Strength Index (RSI) on the daily chart reads 58, above its neutral level of 50, indicating bullish momentum. The Moving Average Convergence Divergence (MACD) on the daily chart displayed a bullish crossover. It also shows rising green histogram bars above its neutral level, suggesting bullish momentum and indicating an upward trend.

However, if BTC faces a correction and closes below its support at $108,355, it could extend the decline to retest the lower boundary of the consolidation zone at $105,333.

BTC/USDT daily chart