Bitcoin Price Breaks Key Support, Risks for Further Decline or Recovery

Bitcoin has recently achieved a historic peak of $123,218 in its price movement. Should BTC dip below the lower support level of $116,000 on a daily close, it may continue descending to test its 50-day EMA at around $110,297. The daily RSI indicator currently stands at 67, having decreased from an overbought level of 70 last week, suggesting that bullish momentum is waning. Conversely, if BTC closes above the upper consolidation boundary at $120,000 on a daily basis, it may bolster its recovery, aiming to surpass the new all-time high and possibly reach higher targets. In terms of technical levels, the 50-day EMA is around $119,266. Support levels can be observed near $116,000 and potentially lower at $108,350, while resistance at current supports appears near $119,265. The market's direction hinges on whether Bitcoin can hold above the consolidation range and maintain momentum, as indicated by the RSI and closing levels.