$BTC

Bitcoin has been gradually moving towards the overhead resistance of $104,088, indicating a lack of aggressive selling by the bears.

A minor negative is that the relative strength index (RSI) is forming a negative divergence, indicating a weakening bullish momentum. The sellers will have to pull the price below the 20-day exponential moving average ($97,985) to open the doors for a drop to the 50-day simple moving average ($88,705).

On the upside, a break and close above $104,088 will signal the resumption of the uptrend. The BTC/USDT pair could rally to $113,331 and after that to $125,000.

The pair could reach the resistance line near $107,000, which should act as a solid resistance. If the buyers overcome the resistance, the pair is likely to pick up momentum and rally to $113.331.

If the price turns down from the current level or the resistance line and breaks below the moving averages, it will suggest that the bears are selling on rallies. The pair may drop to the support line, which is an important level to keep an eye on. If the bears sink the price below the support line, the pair may drop to $86.700.