Bitcoin price is poised for a decline as it closes below the $100K support level
Bitcoin price reached a new all-time high of $108,353 on Tuesday and declined 7.8% in the next two days, closing below the $100K support level. At the time of writing on Friday, it hovers around $97,500.
If BTC continues its correction, it could extend the decline to retest the $90,000 support level.
The Relative Strength Index (RSI) on the daily chart reads 49 below its neutral level of 50 and points downwards, indicating bearish momentum. The Moving Average Convergence Divergence (MACD) indicator also showed a bearish crossover on Wednesday, suggesting a downward trend.
However, If BTC recovers and closes above $100,000, it could extend the rally to retest its all-time high (ATH) of $108,353.
