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Technical forecasts: Can Bitcoin reach its all-time highs in July?
Bitcoin's price maintains a bearish technical bias after breaking the same descending trendline it surpassed on Thursday, as shown in the 8-hour chart below.
Based on the Moving Average Convergence Divergence (MACD), which recently confirmed a sell signal, the pullback may extend into the weekend.
The 50-period Exponential Moving Average (EMA) is expected to absorb the upper pressure at $106,827, while the 100-period Exponential Moving Average is at $105,896 in the event of a downward acceleration.
On the other hand, an immediate reversal in direction cannot be ruled out at this time, especially with the continued demand from institutional investors through Bitcoin ETFs ( and Bitcoin treasury bonds.