Tyler Richey, a technical analyst and co-editor at Sevens Report Research, wrote in an email comment to MarketWatch that since Bitcoin rose above $100,000 earlier this month, its trading volume has been steadily declining, indicating that bullish sentiment has been waning.

He wrote in the comment, "If Bitcoin breaks through the congestion resistance level between $100,000 and $101,500 on the daily chart, it is highly likely to retest the current closing record and intraday record between $106,000 and $108,000. From there, failing to break through the new high will be a bearish signal, and the support level of $90,000 will once again become the focus, while the new high will restart the bullish technical signal of Bitcoin, with a target of $118,000."