Bitcoin price prediction
$BTC fell below the neckline of the inverse head-and-shoulders pattern on Friday but found support at the 50-day SMA ($112,262).
The 20-day SMA ($117,237) has started to turn down, and the relative strength index (RSI) is just below the midpoint, indicating that the bears are trying to make a comeback. The relief rally is expected to face selling in the zone between the neckline and the 20-day SMA.
The risk of a drop below the critical support at $110,530 increases if the price turns down from the resistance zone. In this case, the BTC/USDT pair may collapse to $105,000 and then to $100,000.
Buyers will have to push and maintain the price above the 20-day SMA to seize control. If they do that, the pair could retest the $120,000 to $123,218 resistance zone.