Tyler Richey, technical analyst and co-editor of Sevens Report Research, wrote in an e-mail comment to MarketWatch that trading volume in Bitcoin has been steadily declining since Bitcoin rose above $100,000 earlier this month, indicating that bullish beliefs have been fading. He wrote in his comments: "If Bitcoin breaks through congestion resistance between $100,000 and $101500 on the daily chart, then it is highly likely that the current closing and intraday records between $106000 and $108000 will be re-tested. From there, failing to break through the new high will be a bearish signal, with the $90000 low support back in focus, and the new high will restart bullish technical signals for Bitcoin with a target of $118000."