Bitcoin has erased nearly 10% of its value relative to its all-time high of $109,588. The token continues to decline and corrects below the $100,000 milestone on Monday. Coinglass data shows that $248.21 million in long positions in Bitcoin have been liquidated in the past 24 hours.
In a daily timeframe, the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) technical indicators signal the likelihood of further correction in the BTC price.
RSI slops downwards and reads 47, while the MACD flashes red histogram bars under the neutral line, suggesting negative underlying momentum in Bitcoin's price trend.
In the weekly chart, BTC has the potential to recover from its recent decline. The RSI momentum indicator reads 64 and remains out of "overbought" conditions, while the MACD flashes green histogram bars.
Bitcoin could attempt recovery above the $100,000 milestone and gear for a return to the all-time high of $109,588.