Bitcoin Faces Resistance Near $110,700 Level
Bitcoin struggles at $110,700 resistance zone, signaling a potential drop toward $107,200 or even $103,000.
- Bitcoin rejected at $110,700 resistance.
- Multiple rejections suggest bearish pressure.
- Key support lies at $107,200 and $103,000.
Bitcoin ($BTC) recently tested the upper boundary of a rising channel around $110,700—a crucial resistance area for the cryptocurrency. The price action showed multiple rejections at this level, visible through several wicks on the candlestick chart. These rejections indicate that selling pressure is strong, and buyers are struggling to push BTC above this zone.
This kind of pattern often signals a short-term reversal or at least a pullback. Traders and investors are now closely watching the next potential support levels to assess where Bitcoin might find its footing again.
Potential Downside Targets
If the rejection at $110,700 holds, Bitcoin could see a move back down toward the $107,200 level, which previously acted as both resistance and support. If that level fails to hold, the next logical target lies near $103,000—an area that has historically provided strong buying interest.
This potential pullback doesn’t necessarily mean a long-term bearish trend but could represent a healthy correction after recent gains. It also provides opportunities for strategic entries for those waiting on the sidelines.
What Traders Should Watch
Short-term traders should monitor the price behavior around $107,200. A bounce here could suggest continued consolidation within the channel, while a breakdown could invite deeper losses. Volume spikes and candlestick formations near these levels will offer further clues.
On the flip side, if Bitcoin manages to break and hold above $110,700 with strong volume, it could invalidate the bearish outlook and trigger a fresh rally toward new highs.
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