Bitcoin Price Falls Below $105,000 as Fibonacci Resistance Holds

Bitcoin's price momentum has weakened since reaching an all-time high of $111,814 three weeks ago. Recently, it climbed back above $110,000 due to cooling U.S. inflation data and a weaker dollar but dropped below $105,000 within 24 hours due to profit-taking and geopolitical tensions.

The current price action indicates a critical support level around $105,000, which could determine if Bitcoin maintains its uptrend or declines towards $94,000.
Analyst XForceGlobal warns that Bitcoin may struggle to surpass the 88.6% Fibonacci resistance at $110,500.
If the resistance holds, a corrective wave C could form, leading to further declines.
A drop to around $94,000 aligns with the completion of a larger impulse Wave 2.
Despite potential corrections, macro-level indicators suggest Bitcoin remains in a bullish structure, with a possible rebound leading to a target above $118,500.

Currently, Bitcoin is trading at $105,000, reflecting a 2.5% decrease over the past 24 hours.