On the daily chart, Bitcoin’s price was previously trading in an ascending channel and eyeing a new all-time high. Lately, however, it has dropped below the lower trendline of the bullish setup.
As a result, BTC risks dropping below support at $98,604. In addition, the Awesome Oscillator (AO) has flashed red histogram bars, indicating bearish momentum around the cryptocurrency.
If this remains the same, Bitcoin’s price could drop to the support level of $94,203. It could even worsen if Musk and the current U.S. pro-crypto president continue their feud publicly.
However, the trend could change if demand for BTC increases and profit-taking stalls. In that scenario, Bitcoin price might bounce toward $112,072.
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