Bitcoin Price Analysis: Is $BTC About to Hit $120K or $110K Next?

Current Trend: BTC has been declining inside a descending channel since the drop from $123K.

Resistance Break: $BTC has broken the $116K short-term resistance and is attempting to break the channel upwards.

Fibonacci Support: Price is rebounding from the 50% Fibonacci retracement level, increasing the likelihood of a bullish continuation.

RSI Momentum: The RSI has shifted bullish, rising above 50%, supporting further upside potential.

Outlook: If $BTC holds above $116K, it could break out of the channel and rally toward $123K and beyond in the coming weeks.

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