Bitcoin rejected again at $105.9K, showing resistance remains strong.
Key support lies at $103.4K and $101.3K amid rising volume.
A break below $100K may trigger panic and deeper losses.
Bitcoin — BTC, gained but right at $105,900, the rally met a brick wall—again. Traders watched, breath held, as price flickered and fell back. Another attempt was blocked. Now, the price of BTC hovers just above $103,000. With volume rising and nerves fraying, traders are wondering what comes next.
https://twitter.com/ali_charts/status/1924199865162076298 Support Zones Face the Heat
BTC’s Price action now ranges between $103,400 and $101,300. That’s the new battlefield. Bitcoin traded near $103,811 earlier today, holding a 2% daily gain. But celebration sounds hollow. Volume surged 17%, yet buyers still hesitate. The bulls seem unsure, like warriors without a rallying cry. Sell walls are building above $104,000. Meanwhile, buy orders slowly drift downward. Material Indicators waved a red flag. Their FireCharts suggest a test near $100,000 looms if no spark ignites soon. That’s where the panic button hides.
Analysts from Swissblock believe Friday could decide the trend. Until then, Bitcoin paces like a tiger in a cage. No big move will come without a catalyst. And the clock keeps ticking. Santiment spotted an odd twist—retail sentiment turned slightly bearish. Ironically, that could help the bulls. Markets often move against the crowd. When most fear a drop, price sometimes flips. It’s a psychological seesaw.
Technical signals show hidden strength. The 50-day moving average crossed above the 100-day. That golden cross often hints at bullish momentum. Still, resistance at $105,900 remains a wall of steel. No breakout, no celebration. The Balance of Power indicator sits at 0.01. Neither side holds command. A standoff stretches across the chart. Traders wait. Some pray. Some prepare.
Bulls Eye $110K, Bears Stare at $98K
Above $105,000, things could get exciting fast. A strong push might send Bitcoin to $108,765. That target rests on the edge of momentum. If buyers gain confidence, $110,000 becomes the spotlight. That number could reel in sidelined capital and fuel a breakout.
But danger whispers below. A drop under $100K would rattle nerves. Weak hands might fold. Prices could tumble toward $98,000. From there, deeper Fibonacci levels stand at $84,442 and $73,992. Material Indicators warn of a possible bull trap forming now. False breakouts could lure in late buyers, only to crush them. It’s a treacherous zone. One wrong move, and sentiment flips.
In the worst-case slide, some even eye $59,003 or $40,609. That’s not a forecast. That’s a nightmare. But for now, Bitcoin waits. The chart holds breath. The bulls need fire. The bears need fear. And this market? It needs a reason to move. One spark. That’s all it takes.
