$BTC Technical outlook: Can Bitcoin break out to new all-time highs in July?

Bitcoin’s price maintains a technical bearish bias, having broken below the same descending trendline it had stepped above on Thursday, as observed on the 8-hour chart below.

Based on the Moving Average Convergence Divergence (MACD) indicator, which has recently confirmed a sell signal, the pullback could extend into the weekend.

The 50-period Exponential Moving Average (EMA) at $106,827 and the 100-period EMA at $105,896 are in line to absorb overhead pressure should the decline accelerate.

On the other hand, an immediate trend reversal cannot be ruled out yet, especially with steady demand from institutional investors through BTC spot Exchange Traded Funds (ETFs) and Bitcoin treasuries.

BTC/USD daily chart