Bitcoin’s Make-or-Break Moment: $106,500 Resistance Level
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Bitcoin is facing a crucial test at the $106,500 resistance level, according to analyst Crypto Patel. A successful breach could propel Bitcoin towards $120,000, fueled by positive sentiment from substantial institutional investment, including nearly $2 billion in net weekly investments in US BTC spot ETFs. Conversely, rejection at this level could trigger a significant price correction, potentially dropping Bitcoin as low as $75,000, representing a 27.1% decline from current prices. This resistance level has previously proven effective in December and January. While the Relative Strength Index (RSI) suggests a potential correction, macroeconomic factors like the US-China tariff truce offer countervailing bullish signals. Currently priced at $103,355 (a 1.62% weekly decline but a 21.46% monthly gain), Bitcoin shows high investor greed (Fear & Greed Index at 74). Short-term price predictions vary; CoinCodex forecasts a peak of $127,872 within five days followed by a correction to $111,616. Long-term projections point to $155,583 in three months and $148,167 in six months. The situation presents a high-stakes scenario for Bitcoin investors, with the potential for substantial gains or losses depending on whether bulls can overcome the $106,500 hurdle.
