Bitcoin price broke above its 200-day Exponential Moving Average (EMA) at $85,000 early last week, rallying 11.14% until Friday. However, BTC failed to close above its March high of $95,000 and declined slightly over the next two days. At the time of writing on Monday, it hovers around $93,500.
If BTC fails to close above the $95,000 resistance level and faces a pullback, it could extend the decline to find support around the $90,000 psychological importance level.
The Relative Strength Index (RSI) on the daily chart reads 65 after being rejected around its overbought level of 70 on Saturday, indicating fading bullish momentum. If the RSI falls below its neutral level of 50, Bitcoin’s price could experience a sharp decline.
However, if BTC continues its upward momentum and closes above $95,000, it could extend the rally to retest its next daily resistance at $97,000.