Bitcoin is at risk of retreating to $105,000 after facing a rejection above $110,000.
Bitcoin has encountered significant resistance above $110,000, suggesting that bears are trying to prevent the digital asset from reclaiming its all-time highs. This has been evident with multiple rejections above $110,000 in recent days, while bulls have maintained support above $108,000. This trend is reflected in an analysis published by cryptocurrency analyst TehThomas, who had forecasted the rejection from $110,000. But what’s most interesting is the evolution that Thomas anticipates for the price from now on.
Bitcoin could fall due to a shallow retracement
In the analysis, Thomas explained the price situation of Bitcoin and the reasons for its possible retracement. This begins with the breakout after falling towards $100,000 and then bouncing back. The digital asset quickly managed to surpass multiple reasonable value gaps in the 4-hour time frames to reach its position above $110,000.
