$BTC Bitcoin's price has been experiencing a series of lower highs, with the most recent one occurring at around $98,200, which failed to make a higher high.¹ This downward trend has been ongoing since November 22, when Bitcoin almost hit its all-time high.

Currently, Bitcoin's price is navigating a triangle formation, characterized by lower highs and higher lows. The price has fallen below the 0.382 Fibonacci level and is heading towards the 5.0 Fibonacci level. If it breaks below this level, the major Fibonacci supports of 0.618 and 0.786 will be the next key levels to watch.

It's worth noting that Bitcoin's price momentum has slowed down after hitting a new all-time high of over $108,000 on January 20, 2025.² Technical indicators like the DMI and RSI suggest that the trend's strength is weakening, with sellers beginning to exert more influence.

Overall, while Bitcoin's price has touched a new lower high, it's essential to keep an eye on the upcoming Fibonacci levels and the overall market sentiment to determine the next direction of the trend.