Bitcoin is currently facing a critical moment at the resistance level of $106,500, which is a pivotal point that could determine the upcoming market direction. According to the famous analyst Crypto Patel, this level represents a major obstacle to completing the upward trend, as a strong close above it could open the door to a new wave of increase toward the $110,000 levels and possibly beyond.
Bulls are facing a real test; either confirming control and pushing above resistance, or capitulating to selling pressure and returning to lower support areas. Market analysis shows that momentum indicators have started to decline, which warns of increased volatility in the coming hours.
$106,500 is not just a numerical resistance; it represents both a psychological and technical barrier, as it was previously a strong price rejection area. Breaking through this barrier will confirm a return of confidence in the market, while any new failure at this level could trigger a correction wave toward $101,000 and possibly $98,500.
Observers advise patience and monitoring the daily close, as sustained consolidation above $105,000 could be an indication of the market's intent to break through this barrier, while breaking below it weakens the upward momentum.
Thank you for your interest, and stay tuned for the latest analyses as they come.