Bitcoin (BTC) prices probe the bullish trendline, hinting at potential weakness and price correction.

This is a daily technical analysis by CoinDesk analyst and Chartered Market Technician Omkar Godbole. Bitcoin's

Crypto traders are closely watching bitcoin (BTC) after the world’s leading cryptocurrency slid from the highs above $110,000 hit last week.

The flagship cryptocurrency was trading near $108,000 at press time, testing the bullish trendline, charting the sharp rise from $75K to record highs, as seen on TradingView.

There has been little bullish action in the past 24 hours despite reports that the Trump family media company plans to raise $3b billion to buy cryptocurrencies such as bitcoin.

A key momentum indicator called the 30-day rate of change (ROC), which measures the percentage increase or decrease in bitcoin’s price over the past month, has clocked out a “bearish divergence.”

The bearish pattern happens when an asset’s price rises, but momentum indicators like the 30-day rate of change (ROC) fail to confirm the same, hinting at potential weakness and price correction.

While bitcoin remains within a bullish upward channel, the 30-day ROC is forming lower highs, signaling a bearish divergence and weakening momentum.

狼派无忧印象笔记

Additionally, the daily chart moving average convergence divergence (MACD) histogram, an indicator widely used to gauge trend strength and changes, has flipped negative, indicating a bearish shift in momentum.

All this means that BTC could slide out of the bullish ascending channel, potentially revisiting the major psychological resistance-turned-support at $100,000.

The broader outlook remains constructive, consistent with the recent golden cross of the 50- and 200-day simple moving averages (SMAs).