#Bitcoin Technical Analysis

$BTC made a recorded high of 123,218$ on Monday, and made a correction to 116k$ and keep consolidate in the range of 116k$-120k$, at the time of writing this bitcoin is currently trading at 118,224k$.

116k$-117k$ reacting as a strong support zone, if BTC breakdown this support zone the next target of bears is 112k$-110k$.

The Relative Strength Index (RSI) on the daily chart currently reads 64, having declined from last week's overbought level of 70. This suggests a cooling in bullish momentum, potentially signaling a pause or reversal in the recent upward trend.

Meanwhile, the Moving Average Convergence Divergence (MACD) is on the verge of forming a bearish crossover on the daily chart. If confirmed, this crossover would act as a sell signal, reinforcing the view of emerging bearish momentum.

However, if BTC closes above the $120,000 on a daily basis, it could extend the recovery toward the fresh all-time high at $123,218 and beyond.