Bitcoin's price briefly exceeded the new all-time high of $111,000 but failed to consolidate above it. The token, along with the broader crypto market, continues to receive support from dollar weakness amid rising Treasury yields and fiscal changes in the U.S. tax system, which could potentially drive further demand for the token in the long term.
From a technical standpoint, Bitcoin is currently overbought and may enter a downward correction, as it has yet to consolidate above the $111,000 level.
Technical Outlook and Trade Idea:
The price is below the upper line of the Bollinger Bands but significantly above the 5-day and 14-day SMAs. On the chart presented, the RSI is exiting the overbought zone, while the Stochastic indicators are entering that zone.
I believe the token may correct downward toward $108,170. A potential entry point could be at the $110,244 level.
