Analysis: BTC may retest current closing price and intraday record between $106,000 and $108,000

Tyler Richey, technical analyst and co-editor of Sevens Report Research, wrote in emailed comments to MarketWatch that Bitcoin’s trading volume has been steadily declining since it rose above $100,000 earlier this month, suggesting that bullish sentiment is waning. He said: “If Bitcoin breaks out of the congestion resistance between $100,000 and $101,500 on the daily chart, a retest of current closing and intraday records between $106,000 and $108,000 would be highly likely. From there, failure to break out to new highs would be a bearish sign, with $90,000 support back in focus, while new highs would restart Bitcoin’s bullish technical signals with a target of $118,000.” (Morningstar)