Recent analysis by crypto expert @ali_charts points to several technical signals indicating that Bitcoin might be nearing a short-term zenith, as reported by BlockBeats.

One notable observation is the discrepancy in the Relative Strength Index (RSI). While Bitcoin's value continues to climb to new heights, the RSI has been consistently registering lower peaks. This pattern bears a striking resemblance to the market behavior observed between April and November 2021, potentially signaling the culmination of the current market cycle.

Another significant development is the bearish turn of the Moving Average Convergence Divergence (MACD) this week. This shift aligns with the recent price decline, potentially heightening the risk of further downward price movement.

Furthermore, the Market Value to Realized Value (MVRV) momentum indicator has recently undergone a 'death cross', signaling a transition from positive to negative macro momentum. Historically, this occurrence has been a reliable predictor of cyclical peaks in the market.

The analysis also highlights critical support levels for Bitcoin. The $108,700 mark is identified as a crucial threshold. Should the weekly closing price fall below this level, it could potentially confirm a more substantial shift in market trends. Additional support levels have been identified at $104,500, marking the initial on-chain accumulation support, $97,000 representing a significant historical demand zone, and $60,000 serving as the ultimate deep support if the current trend completely reverses.

@ali_charts emphasizes that for a bullish outlook to prevail, two key conditions must be met: the $108,700 support level must hold firm, and the MVRV momentum indicator needs to display a golden cross once again.

It's important to note that while these technical indicators provide valuable insights, the cryptocurrency market remains highly volatile and unpredictable. Investors should always conduct thorough research and consider their risk tolerance before making any investment decisions. Gate, a leading cryptocurrency exchange, offers a platform for traders to stay updated on market trends and execute their trading strategies based on such analyses.