Crypto 390

06/02 10:37

Bitcoin extends its decline on Monday after fall

Bitcoin extends its decline on Monday after falling over 3% in the previous week.

Market sentiment sours as the Russia-Ukraine war escalates, signaling weakness in risky assets like BTC.

Bitcoin spot ETF inflow records a mild weekly outflow while MetaPlanet adds 1,088 BTC on Monday.

Bitcoin (BTC) is extending its decline on Monday, trading below $105,000 at the time of writing after falling over 3% last week. The largest cryptocurrency by market capitalization weakens as geopolitical tensions escalate, with the Russia-Ukraine conflict intensifying and driving investors toward safe-haven assets. Moreover, Bitcoin spot Exchange Traded Funds (ETFs) recorded a modest outflow last week, while MetaPlanet adds 1,088 BTC to its treasury.

BTC bears target $100k mark :-

Bitcoin price closed below the daily support level of $106,406 on Thursday and declined by 1.50% the following day. However, it recovered slightly during the weekend. At the time of writing on Monday, it trades below $105,500.

Suppose BTC faces resistance around the $106,406 daily level and continues its correction. It could extend the decline to revisit the psychologically important level of $100,000.

The Relative Strength Index (RSI) on the daily chart reads 53, pointing downward toward its neutral level of 50, indicating fading bullish momentum. The Moving Average Convergence Divergence (MACD) also showed a bearish crossover last week. It also shows rising red histogram bars below its neutral level, indicating a correction ahead.

However, if BTC recovers and closes above $106,406, it could extend the rally toward its all-time high of $111,980.

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