According to analyst @ali_charts, multiple technical indicators for Bitcoin suggest that a short-term top has been reached:

1. RSI Divergence: Although the price continues to set new highs, the RSI has been making new lows. This divergence is similar to the trend from April to November 2021, indicating the end of this cycle.

2. MACD Bearish Cross: This week, the MACD turned bearish, consistent with the price decline and increasing downside risk.

3. MVRV Momentum: The Bitcoin MVRV momentum indicator recently exhibited a 'death cross,' signaling that macro momentum will reverse from positive to negative. Historically, this has been a reliable cyclical top warning signal.

Key support level: $108,700 is currently a level to watch. If the weekly closing price falls below this level, it will confirm a deeper trend change. Further down, $104,500 is the first on-chain accumulation support. $97,000 is a major historical demand zone. $60,000 would be the final deep support if the trend fully relaxes.

@ali_charts states that the bullish case requires two key validations:

$108,700 as a support level.

MVRV momentum indicator showing a golden cross again.