The Golden Finance reported that Tyler Richey, a technical analyst and co-editor of Sevens Report Research, wrote in an email comment to MarketWatch that since BTC rose to over $100,000 earlier this month, the volume of BTC has been steadily declining, indicating that bullish sentiment has been waning.
In his comments, he wrote, “If BTC breaks through the congestion resistance between $100,000 and $101,500 on the daily chart, it is very likely to retest the current closing record and intraday record between $106,000 and $108,000. From there, failure to break the new high would be a bearish signal, with the $90,000 low support becoming the focus again, and the new high would restart the bullish technical signal for BTC, with a target of $118,000.”
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