Bitcoin Eyes $108.9K Breakout as Bulls Regain Control After $102.7K Liquidity Sweep
$BTC Climbs Back Strong—Will It Smash the Bearish Wall at $108.9K?
All Eyes on Bitcoin’s Battle Zone: Breakout or Rejection Looms at $108.9K
Bitcoin ($BTC) has gained fresh momentum in the market after a sudden liquidity drag down to the approximate level of $ 102.7 K. This area has readily caused stop-losses and clearing of leveraged positions, causing a temporary fall in prices. This has, however, been reversed, as BTC has since made a recovery and is currently gaining traction towards the next resistance point.
Source: TradingView
At the time of the most recent market update, the value of one Bitcoin stood at a comparatively small increase of 0.6%, at the time of the latest market update being priced at: 105,823.67. It touched a low of 104,413.49 over the last 24 hours and bounced back to an intraday high of 106097.67. The volume of trading amounted to 16.07 billion dollars at this time, which demonstrated a sound buying interest. Its share value is about 2.1 trillion dollars in the market capitalization, as well as the fully diluted value.
Resistance Cluster Between $106.1K and $108.9K
The current focus for market participants lies in the resistance range between $106.1K and $108.9K. This zone contains a bearish order block, where Bitcoin previously faced intense selling pressure that caused a significant rejection. Often referred to by traders as a “battle zone,” this area may determine whether bullish momentum continues or stalls.
Source: CoinState
Technical pointers hint that this area is very essential for the stopover in the succeeding directional movement. When BTC breaks and sustains itself above the level of $108.9K, it would mean that the bearish order block has been quashed. This may serve as an opening to a higher rally and invite wider involvement. Until the time when the breakout happens, the risk of another rejection would be imminent in case the volume is weakened or the sellers assume control.
The trend confirmation point is the Market Eyes Decision point
Analysts are particularly observing the manner in which price action reacts under this resistance cluster. Forces that may hamper rallies: Consolidation in the present areas or rejection. Nonetheless, the upward pressure and a massive volume may force BTC to break the resistance and affirm a potential bullish extension.
In the short term, traders are treating this setup as a decision point. The reaction within the $107.2K to $108.9K range is expected to provide clarity on Bitcoin’s immediate trajectory.
<p>The post Bitcoin BTC Builds Momentum After Liquidity Sweep—Is a Breakout Above $108.9K Imminent? first appeared on Coin Crypto Newz.</p>
