$BTC

Bitcoin Risks Pullback To $105,000 After Facing Rejection Above $110,000

Bitcoin has faced a lot of resistance above $110,000, suggesting the bears are trying to keep the digital asset from reclaiming its all-time high levels. This has been obvious with multiple rejections above $110,000 over the last few days, while the bulls have held support above $108,000. This trend plays into an analysis published by crypto analyst TehThomas, who had forecasted the rejection from $110,000. But what’s more interesting is where Thomas sees the price going from here.

Bitcoin Could Drop For Shallow Pullback

In the analysis, Thomas explained what is happening with the Bitcoin price and why the pullback could happen. This begins with the breakout after falling toward $100,000 and then bouncing back again. The digital asset was able to quickly clear multiple fair value gaps on the 4-hour timeframes to claim its spot above $110,000.

©Scott Matherson