Tyler Richey, a technical analyst and co-editor at Sevens Report Research, wrote in an emailed comment to MarketWatch that the volume of bitcoin has been steadily declining since it rose above $100,000 earlier this month, indicating that bullish beliefs have been fading. "If Bitcoin breaks through the congestion resistance level between $100,000 and $101,500 on the daily chart, then a re-test of the current closing and intraday records between $106,000 and $108,000 would be highly likely," he wrote in the commentary. "From there, failure to break through the new highs would be a bearish signal, with support at the low $90,000 back in focus, while the new highs would restart the bullish technical signal for Bitcoin, targeting $118,000."