Bitcoin Faces Resistance Above $110,000 and Risks Pullback to $105,000
Bitcoin has encountered resistance above $110,000, with multiple rejections in recent days. Bulls maintain support above $108,000. Analyst TehThomas predicted this rejection and discusses potential future price movements.
Potential Price Movements
- TehThomas notes that Bitcoin's recent breakout from near $100,000 and subsequent rise indicates positive sentiment.
- Despite bullish signs, a price decline is possible.
- Thomas anticipates a pattern of rapid rise followed by a shallow pullback, then continuation upwards.
Expected Pullback Levels
- A fair value gap below $107,000 may need to be filled before further price rally.
- This pullback could take Bitcoin back to the $104,000 range, representing a 5% decline.
- Such a retracement would not be bearish but could serve as a bounce-back point for recovery.
After filling the fair value gap, Thomas expects a strong upward movement toward new all-time highs. He describes the situation as a "classic breakout-fill-continue sequence," emphasizing that current momentum remains favorable for continuation.
