Threatened to break support, will there be a correction towards $98,000?

Bitcoin (BTC) is once again facing selling pressure after previously hitting its all-time high in the range of 111,980 USDT. BTC price today, Friday (5/30), is trading around 106,101 USDT, down around 1.38% over the past 24 hours. This correction is in the focus of market participants, especially since BTC has now broken above the 7-day moving average (MA7), which stands at 107,801 USDT.

This decline indicates that the short-term selling pressure is starting to increase. However, there is hope as long as BTC price stays above the MA30 (103,672 USDT). If this support holds, there is a chance that the price will strengthen again towards 108,000-111,000 USDT.

RSI and volume showed no signs of strengthening

The Relative Strength Index (RSI) indicator is showing a level of 42.32, indicating that the market is in a neutral phase with a weakening trend. “If the RSI drops below 40 without any signs of a reversal, the correction could continue in the range of 100,000 to 98,000 USDT,” said technical analyst Umar.

Technically, a double top pattern is forming if the price fails to break out of 111,000. The volume that did not show a significant spike also reinforces the signal that the market is currently looking for a new direction.

Altcoins also corrected: ETH and PEPE weakened

Ethereum (ETH) also corrected, falling by 3.45% to 2,634.47 USDT. While still holding above the MA7 and MA30, ETH suffered a rejection at the resistance area of ​​2,788 USDT. The RSI, which is hovering around 60, indicates the possibility of a mild correction in the near future. “As long as the price stays above 2,377 USDT, the medium-term uptrend will be maintained,” he added.

Meanwhile, the PEPE token, which had previously seen a strong rally, has now suffered a sharp decline of 10.34%, reaching the level of 0.00001301 USDT. The price has broken down from the MA7, but is still above the MA30, opening two possibilities: a bounce to 0.0000146 or a deeper correction to 0.0000110 if the support fails to hold.

Bitcoin and major altcoins are in a consolidation phase after the previous major rally. Traders are advised to pay attention to the movements around the MA30 line and the RSI indicator as confirmation signals before taking a buy or sell position. This phase is considered crucial because it can determine the direction of the next trend.

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