#Gate Latest Proof of Reserves Reaches 10.453 Billion Dollars

Bitcoin BTC is fluctuating between 103 and 105
But I see that there is optimism despite
- Bitcoin price predictions: Bitcoin's price may drop further if it closes below its 50-day exponential moving average.
The price of Bitcoin dropped sharply, from a closing price on June 10 of $110,274 to a closing price on June 11 of $105,671, creating a fair value gap (FVG) at around $108,064. This bearish gap represents a major resistance area, meaning that once Bitcoin gathers liquidity, it is likely to continue its correction.

On Monday, Bitcoin retested the FGV area and faced a slight decline, closing the day up by 1.14%. However, it dropped by 2.10% the next day, retesting its (EMA) fifty-day exponential moving average at around $103,070. At the time of writing this report on Wednesday, its price was hovering around $105,000.

If Bitcoin continues to correct and closes below the 50-day exponential moving average at $103,070 on a daily basis, the decline may extend to retest its important psychological level at $100,000.

The Relative Strength Index (RSI) has dipped slightly below its neutral level of 50 on the daily chart, indicating increasing bearish momentum. The Moving Average Convergence Divergence (MACD) on the daily chart showed a bearish crossover last week. It also displays rising red histogram bars below its neutral level, indicating bearish momentum and reinforcing the downward trend.
On the contrary, if the price of Bitcoin closes above the FVG level at $108,064, the recovery may extend towards re-testing its all-time high of $111,980 on May 22.