๐ฅ ๐๐๐ง๐๐ข๐๐ก ๐ง๐๐ฆ๐ง๐ฆ $๐ญ๐ญ๐ฌ๐ ๐๐ฅ๐๐๐๐ข๐จ๐ง ๐ข๐ฅ ๐๐๐๐ง?
Bitcoin just bounced past $108K and hit a high of $110,578, but now it's pausing. The big question: can bulls break the $110K barrierโor is a short-term pullback coming first?
๐ข Current Price Action
BTC/USD Price: Around $109,800
Trend: Uptrend holding, but facing resistance
Recent High: $110,578
Chart Setup: Forming a short-term rising channel with support near $109,500
๐ Key Technical Insights
โ Whatโs Bullish:
Price is above the 100-hour Simple Moving Average (SMA) โ bullish short-term signal
RSI is above 50 โ showing strength, not yet overbought
A rising channel is forming โ this supports the uptrend
Bulls have held $107,850 as a strong support base after breaking $105K
๐จ Whatโs Cautionary:
The MACD is losing steam in the bullish zone suggesting momentum might fade soon
Price is struggling around $110Kโ$110.5K resistance
Without volume or a strong breakout, we may see a short-term dip
๐ฏ Key Levels to Watch
๐ผ Resistance Zones:
$110,000 โ Psychological barrier
$110,500 โ Must break and hold to trigger next leg up
$112,000 โ Target if breakout is strong
$113,200 โ Extension move if bulls dominate
๐ฝ Support Zones:
$109,500 โ Channel support line
$108,800 โ Minor support
$107,850 โ Major support zone (also the 50% Fib level of the recent rally)
$106,400 โ Deeper pullback zone
$105,000 โ Critical support base โ losing this flips trend bearish again
๐ Summary: What Traders Should Watch Next
โ If BTC holds above $109,500 and breaks $110.5K โ Expect a move toward $112K
โ ๏ธ If it fails at $110K again โ Watch $107.8K and $106.4K for potential bounce levels
๐ A drop below $105K would signal a trend reversal, and bears take over