Bitcoin Faces Resistance at $108.3K Amid Ongoing Price Volatility
Bitcoin's recent price movement shows strong resistance at $108,300 and support in the $106,700-$107,000 range. A price surge from $107,373 to $107,671 occurred between 13:06-13:36, followed by a reversal.
Key points from technical analysis include:
- The decline intensified on May 24th, establishing resistance near $108,300 with high volume of 16,335 BTC.
- Support formed in the $106,700-$107,000 zone during the morning of May 25th, but recovery has been limited around $107,500.
- A short-term bearish trend is indicated, with potential for consolidation before clearer direction emerges.
- Significant volatility was noted with a price spike to $107,671, followed by a drop to $107,393 by 14:00.
- A notable price increase of nearly $150 occurred during the 13:35 minute candle, creating temporary resistance at $107,630.
- Support was observed near $107,400; however, continued consolidation within the broader correction from the recent high of $109,239 is expected.