Bitcoin between signs of ascension and technical correction .. Is the market heading for temporary correction?

Bitcoin witnessed volatile movements this week, as it declined slightly from its highest historical levels, amid technical indicators and conflicting institutional movements, pushing the market to a state of anticipation on the next direction.

Different institutional flows

After a series of strong institutional purchase, Bitcoin funds in the United States recorded the first out of July 2, amounting to $ 131.35 million, and this temporary decline in the purchase momentum places question marks about the continuity of the rise in the short term.

Technical warning from correction

Technical indicators such as MACD showed clear sale signals on Monday, while the RSI index (RSI) is still relatively high, broken the level of $ 116,000 that may lead Bitcoin towards an average test of 50 days at 110,589 dollars, while penetration of $ 120,000 again may return it to the last summit at 123,218 dollars.

Sudden move from Spacex

“Lokonchain” data revealed that Spacex has transferred 1,308 Bitcoin ($ 153 million) from its stagnant portfolio 3 years ago, and this step may cause concern if it is followed by offering quantities for sale, which may pressure the price short.

The current trend is under control

Bitcoin is currently trading between 116,000 and 120,000 dollars, which is a decisive range to determine the next direction.

Investors monitor whether the wave of institutional momentum will overcome negative technical signals, or whether the market will go towards a temporary correction.