$BTC

BTC USDT Technical Analysis

The one-hour chart for Bitcoin price shows a breakout from a narrow consolidation area near the mid-range level at $107,803. Following this breakout, the price quickly moved to a key resistance area between $109,700 and $110,100, where it faced rejection.

This rejection indicates a potential false breakout or liquidity grab, as the price failed to hold above the resistance area and is now retracing. Currently, Bitcoin is trading just above the mid-range, which represents support.

If the Bitcoin price consolidates above $107,800 and regains strength, a second attempt towards the resistance area may follow, with a breakout above $110,100 opening the way towards the range high at $110,529. However, if the price drops below the mid-range, it is likely to head towards the range low at $105,100.