The (Bitcoin) rose slightly in its last intraday trading, taking advantage of the stability of the critical support level at $104,000, which helped it to gain some positive momentum, especially with the emergence of recovery signals on the (RSI) after reaching oversold levels.

This limited bullish movement comes despite the continuation of the negative pressure that comes from its trading below EMA50, amid the dominance of the bearish correctional trend on a short-term basis, with the continuation of its move alongside a bearish bias line, which makes the current attempts to rise represent an attempt to offload some of its oversold conditions.

Therefore, our expectations suggest a decline in (Bitcoin) prices in the upcoming intraday trading, if the resistance settles at $106,550, especially when breaking the support at $104,000, and its next target will be at the support level at $101,000.

The expected trading range is between $102,500 support and $106,550 resistance.

Todays forecast: Bearish