$BTC
Bitcoin faced rejection from the 50-day Exponential Moving Average (EMA) at $113,606 on Tuesday, closing at $108,297 and losing 2% on the day. At the time of writing on Wednesday, BTC stabilizes and trades at around $108,000.
If BTC continues its correction, it could decline toward the 61.8% Fibonacci retracement (drawn from the April low of $74,508 to the record high of $126,199) at $106,453. A successful close below this level could extend additional losses toward the October 10 low of $102,000.
The Relative Strength Index (RSI) on the daily chart reads 40, below the neutral level of 50, indicating that bearish momentum is gaining traction. Additionally, the Moving Average Convergence Divergence (MACD) indicator showed a bearish crossover last week, which remains in effect, further supporting the bearish view.
On the other hand, if BTC recovers and closes above the ascending trendline, it could extend the recovery toward the 50-day Exponential Moving Average (EMA) at $113,608.
