$BTC
🚨Bitcoin is heading toward $100,000 as bulls lose momentum🚨
Bitcoin price closed below the daily support level of $106,406 on Thursday and declined by 1.50% the following day. However, it recovered slightly during the weekend. At the time of writing on Monday, it trades at around $105,000.
Suppose BTC faces resistance around the $106,406 daily level and continues its correction. It could extend the decline to revisit the psychologically important level of $100,000.
The Relative Strength Index (RSI) on the daily chart reads 53, pointing downward toward its neutral level of 50, indicating fading bullish momentum. The Moving Average Convergence Divergence (MACD) also showed a bearish crossover. It also shows rising red histogram bars below its neutral level, indicating a correction ahead.
However, if BTC recovers and closes above $106,406, it could extend the rally toward its all-time high of $111,980.