The price of Bitcoin (BTCUSD) has slipped lower during its recent intraday trading, reaching our morning target at the support level of $101,000. Continuing its bearish correctional move on the short-term basis, trading alongside a bias line

This decline comes amid continued negative pressure from the price trading below the 50, besides the emergence of the negative signals on the (RSI), despite its stability in a deep oversold level, indicating the weakness of the bullish momentum, and increases the possibilities to the bearish correctional extensions unless showing clear rebounding signals.

Based on this, our scenario suggests a decline in Bitcoins price during the upcoming intraday sessions, especially if it breaks below the key support at $101,000, to make its next target at the support level at $98,000.

The expected trading range is between $99,000 support and $103,000 resistance.

Todays forecast: Bearish