In the weekly timeframe, the bigger picture of a bullish sentiment for BTC price is evident, especially after a solid rebound from the support level of around $103k in the last 14 days.
In the 1-hour timeframe, BTC price has been losing bullish momentum since hitting a local high of about $110,300 at the beginning of this week. The 1-hour Relative Strength Index (RSI) has been forming a bearish divergence. With the MACD line attempting to cross below the zero line, amid growing bearish histograms, BTC price faces further short-term bearish sentiment in the coming days.
However, the support level established around $108.7k might hold in the coming days, amid high impact news, and trigger a fresh rally towards a new all-time high beyond $112k.
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