$BTC Sees Renewed Selling Pressure as Rally Fails
Bitcoin has sharply rejected the $110,530.17 level and is currently trading at $108,644.67. This indicates a return of bearish momentum after buyers failed to sustain the recent rally from $105,318.37. Sellers are now aggressively taking control.
Bulls need to reclaim $109,644 to prevent a deeper pullback.
Momentum Insight:
The 1-hour chart shows strong bearish candles with no immediate signs of reversal. If Bitcoin falls below $107,350, expect increased selling pressure, potentially pushing the price towards $106,000.
What This Means for Traders:
* Long positions: Consider tightening stop-loss orders.
* Potential bounce or breakdown: Keep a close eye on the $106,000 zone.
* Short-term outlook: Bearish sentiment is building, so patience is crucial.
