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Bitcoin Struggles at $107,000 Resistance, Eyes $105,000 Support Level
Bitcoin faces a crucial resistance zone between $107,000–$108,000. After a strong push, BTC was rejected and returned to the $99,000–$101,000 support area. The next sessions are critical for bulls to reclaim this overhead resistance to prevent a broader market retreat.
Key Resistance Battle: Bitcoin's Path Forward
- Resistance at $107,000–$108,000 is pivotal for Bitcoin's short-term direction.
- Consolidation reflects a struggle between buyers aiming for a breakout and sellers capping gains.
- Success in reclaiming this range could lead to increased buying pressure, potentially driving prices to $116,000–$118,000.
If momentum fails, a pullback to lower levels may give bears a temporary advantage. However, a successful breakout would favor bulls.
Current Rejection and Support Level Focus
- BTC faced rejection at the key resistance level on its first attempt.
- The price has moved down to the $105,000 support level, which must hold to avoid a deeper decline.
- A break below $105,000 could lead to a drop towards the $103,000 support zone.
- An attempt to retest the initial resistance is expected soon, suggesting the rejection might be a temporary setback.
