#Crypto Market Pullback

#Analysis
Bitcoin recovery reappears above the loss area of 102 thousand dollars.
Bitcoin's recovery is approaching 1.50% at the time of publishing this report on Friday, surpassing the sudden decline of 3% last night. With a bullish candle appearing above the 50-day exponential moving average (EMA) at $100,908, Bitcoin is rising again above the $102,500 level, which served as a key support in May.

The continuous upward failures to maintain a bullish trend above the $102,500 level have formed a head and shoulders pattern on the daily chart shown below. Today's Bitcoin rebound aims to invalidate this pattern if it closes above this area.

However, momentum indicators suggest a potential price decline, as the Moving Average Convergence Divergence (MACD) shows a bearish trend with the moving average lines approaching the midpoint line. Additionally, the Relative Strength Index (RSI) is rising at a level of 46 towards the midpoint after the recent decline, indicating an overall pullback in bullish momentum.

If the Bitcoin closing price remains above the level of $103,000, it will act as a bear trap, leading to a rise towards the all-time high of $111,980.

On the contrary, traders on the market margin, who are looking for a sell signal, may find that the collapse of the 50-day exponential moving average is a point of entry. The next major support level is at the 100-day exponential moving average at $96,757.