Bitcoin ($BTC) is currently trading near $108,300, after failing to break above the key resistance zone at $109,000. The price action shows bearish signs, with sellers gaining short-term control and buyers on the defensive.
๐ Key Technical Levels:
Resistance Zone: $108,800 โ $109,000
Immediate Support: $108,000
Major Support Zone: $107,300 โ $107,000
If Broken Down: Next support at $105,600
Bullish Recovery Signal: Strong close above $109,200
๐ Trend Analysis:
Price is forming lower highs, a clear indication of short-term seller dominance.
RSI is neutral but leaning bearish โ signaling caution.
Volume is decreasing on upswings, showing weakening bullish momentum.
๐ฅ Todayโs Trade Outlook:
๐จ Bearish Bias:
If $BTC fails to reclaim $109K, more downside likely.
Short Setup: Entry $108,700โ$108,900
Target: $108,100 then $107,000
Stop Loss: Above $109,300
โ Bullish Bounce (High Risk):
If bulls defend $108K strongly, a reversal is possible.
Long Setup: Entry $108,000โ$108,200
Target: $109,000 then $110,000
Stop Loss: Below $107,500
๐ง Final Thoughts:
#BTC is at a make-or-break zone. A clean breakout above $109K can bring bulls back into power โ but a drop below $107K could trigger a deeper correction. Traders should stay alert and follow volume confirmation before making aggressive moves.
