Kesmeci highlighted changes in some technical indicators on the daily timeframe, suggesting that a correction might be on the horizon for the Bitcoin price. One of these indicators is the daily Relative Strength Index (RSI), a momentum indicator that estimates the speed and magnitude of an asset\u2019s price movements.<\/p>\n
![\"Bitcoin](\"https:\/\/pbs.twimg.com\/media\/GsOXMewWIAACftS?format=jpg&name=large\")
As observed in the chart above, the daily RSI is around 51 points and below the 14-day simple moving average (SMA). According to the crypto analyst, this technical indicator shift points to a weakening bullish momentum for the Bitcoin price.<\/p>\n
Kesmeci also noted that the Fixed Range Volume Profile (FRVP), which analyzes trading volume around a price region, signals a heavy trading zone around the $103,500 level. A sustained close beneath this level could lead to elevated selling pressure for the flagship cryptocurrency, the analyst said.<\/p>\n
Furthermore, Kesmeci mentioned that the AlphaTrend indicates that a second close below 106.269 may trigger a “sell” signal for the Bitcoin price. Meanwhile, the Average Directional Index (ADX) suggests that the bears are gaining the upper hand in the market.<\/p>\n
Finally, Kesmeci pinpointed the next target at the 0.5 Fibonnaci level and the FRVP Value Area Low (VAL), both of which could be considered major support zones, at around $93,000 and $91,800, respectively. Ultimately, all these technical levels suggest that the Bitcoin price may correct to the $91,000 – $93,000 bracket.<\/p>\n
Bitcoin Price At A Glance<\/b><\/h2>\n
As of this writing, the price of BTC is hovering around the $104,000 mark, reflecting an almost 2% decline in the past 24 hours.<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
The Bitcoin price has not quite been able to maintain the bullish momentum that saw it climb to a new all-time high last week. Instead, the premier cryptocurrency has succumbed to bearish pressure over the past few days, falling about 7% from its record-high price. Unfortunately, the Bitcoin price seems to be at the start…<\/p>\n","protected":false},"author":1,"featured_media":4994,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[60],"tags":[65,108,73,113,71,1017,81],"class_list":["post-4993","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-price","tag-btc","tag-btc-price","tag-btcusdt","tag-fibonacci-levels","tag-rsi"],"_links":{"self":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts\/4993","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/comments?post=4993"}],"version-history":[{"count":0,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts\/4993\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/media\/4994"}],"wp:attachment":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/media?parent=4993"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/categories?post=4993"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/tags?post=4993"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}