Bitcoin (BTCUSD) declined in its last intraday trading, due to the stability of the key resistance at $103,500, reinforcing the dominance of the bearish trend on the short-term basis, and the price kept moving alongside the bearish trend line, as its trading below EMA50 increases the selling pressure and limits the recovery chances.

At the same time, the relative strength indicators began showing negative overlapping signals after reaching sever overbought levels, indicates forming negative divergence that might push the price to decline, this confluence of technical signals reinforces the expectation of continuing the negative pressure on the near-term basis, unless the critical resistance is breached.

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