Bitcoin price predictions after its decline to 8-week lows
📉 Based on the current condition of #MarketPullback Bitcoin (BTC) (price ~ $108,532) after a drop to an 8-week low, the forecasts can be summarized as follows:
🔎 Current Technical Situation
Downward Channel: The price is still confined within a downward channel, currently testing the lower limit at ~ $108,594.
Nearest resistance: at ~ $110,787 (50-SMA), which is the critical level that buyers need to break to regain momentum.
Three Black Crows Pattern: Three consecutive red candles appeared after failing at $113,500 → a classic signal of continued selling pressure.
RSI = 38 (Close to oversold, but has not yet reached the overbought area <30).
MACD: In the negative zone with increasing red bars → clear dominance of sellers.
📊 Expected Scenarios
1️⃣ Bearish Scenario (Most Likely Short Term)
If the price fails to rebound above $110,000–111,000 → we may see further decline.
Next support levels: $107,000 then $105,000 and may extend to $100,000 if selling panic resumes.
2️⃣ Bullish Scenario (Possible Temporary Rebound)
If buyers succeed in holding $108K and rebound → the first target will be $110,000–111,000.
A strong breakout above $111,000 may open the way toward $113,500 (previous resistance).
Any rebound is expected to be limited unless the price clearly breaks the downward trend line.
📝 Summary
Short term: The trend is still bearish with a possibility of testing $107–105 thousand.
Medium term: Limited rebound possible to $110–113 thousand if momentum indicators improve.
The overall trend will not change for a real rally unless Bitcoin breaks out of the downward channel and tests levels of $115–117 thousand again.
#BinanceHODLerMITO #MarketPullback #USGDPDataOnChain
