Bitcoin Faces Resistance at $108,000 Amid Weakening Market Momentum

Bitcoin's price has slowed after surpassing $105,000 recently. Analysts are questioning if it can break the resistance at $108,000, its previous all-time high.

Market Indicators Analysis

Analyst ShayanBTC notes a decline in funding rates, indicating weakening demand in perpetual markets.
This bearish divergence raises doubts about current bullish momentum pushing Bitcoin above $108,000.
Lack of strong market enthusiasm is evident; typically, rising funding rates signal increased long positions and market optimism.
The current decline suggests traders are hesitant to bet on further price increases.
A significant boost in optimism is needed for Bitcoin to breach the $108,000 resistance. Without it, a consolidation phase or temporary price rejection may occur.

For Bitcoin to decisively breach $108K, the funding rates must rise further, signaling an increase in optimism and a greater influx of long positions.

Long-Term Holders Metric

Long-term holders (seven years or more) have not sold their Bitcoin assets.
This trend mirrors previous cycles where long-term holders provide steady support during price fluctuations.
Their decision to keep Bitcoin off exchanges suggests confidence in the asset’s long-term value.