Bitcoin Price Prediction: Target for Decline and Increase

Bitcoin is in a consolidation phase, fluctuating between key support and resistance levels. Currently, strong support is around $106,700 to $107,600, where prices are often bought. Conversely, resistance around $113,000 to $113,500 is hindering growth.

Technically, Bitcoin still maintains an upward trend on the weekly chart. However, the emergence of bearish divergence for more than a month indicates that momentum is slowing down, signaling the possibility of higher volatility before a significant price movement.

If Bitcoin breaks through the resistance of $113,500, the next target could be around $117,000.

If the price drops below $106,800, sellers may gain the upper hand and push prices down to deeper support levels.

Liquidation data shows liquidity hotspots at both ends of the price range, meaning Bitcoin may experience liquidity sweeps before stabilizing back into the current sideways range.