Bitcoin Price Analysis: $107K Resistance – Breakout or Drop?
Note: This post may contain affiliate links, and we may earn a commission (with No additional cost for you) if you make a purchase via our link. See our disclosure for more info. The crypto world is constantly changing. This content is for informational purposes only and not financial, legal, or professional advice So, please verify the info on the cryptocurrency provider’s websites.
Bitcoin's price recently declined, testing the $103,200 support level before initiating a recovery above $105,000. Currently, the price faces resistance around $107,000. Technical analysis reveals a bullish trend line with support at $104,050, suggesting potential for further growth if the $107,000 resistance is overcome. Clearing this level could propel Bitcoin towards $109,000 and even $110,000. However, failure to break through $107,000 could trigger another price drop. Immediate support lies at $105,000, followed by $104,000 and the critical $103,200 level. Further decline could push the price towards $102,500 and ultimately $101,200, a key support level. Technical indicators offer a mixed outlook. The hourly MACD is losing momentum in the bullish zone, while the RSI is below 50, indicating weakening bullish sentiment. The overall situation presents a critical juncture for Bitcoin, with the $107,000 level acting as a crucial determinant of whether the price will continue its upward trajectory or experience a further decline. Traders are closely monitoring this resistance level to gauge the next major price movement. The Fibonacci retracement levels further support this analysis, with the 50% level near the immediate resistance and the 23.6% level already surpassed during the recovery. This price action highlights the volatility and uncertainty surrounding Bitcoin's short-term price movements.
(Source: https://www.newsbtc.com/analysis/btc/bitcoin-price-encounters-resistance-107k/)
