Will Bitcoin break the 106 k$ mark tonight?

Current Situation

Bitcoin is trading around 107,500 USD, about 1.5% higher than the 106 k$ threshold. The price is in an accumulation range from 106 to 108 k$. Some technical indicators like long-term moving averages are supporting an upward trend; however, momentum indicators like RSI and MACD are giving unclear signals.

Important Price Levels

106 k$ is currently a strong support zone. If this level is broken, the price could drop to the 104–105 k$ range, or even lower if selling pressure increases. Conversely, if it holds above 106 k$, BTC could recover to the 108–110 k$ range.

Influencing Factors

Profit-taking pressure is increasing in the 106–106.5 k$ area, making the possibility of breaking this level noteworthy. However, if there is significant cash flow from ETF funds or institutional investors, the buying pressure will be enough to keep the price above this mark (this situation occurs when there is strong liquidation above, then organizations will pump heavily to push the price up to absorb the long liquidation orders).

Conclusion

The possibility of Bitcoin breaking 106 k$ tonight is entirely plausible, especially if the market lacks momentum or experiences slight sell-offs. However, if this level is well defended, Bitcoin could recover and continue its upward trend in the short term. Monitoring trading volume and price reactions around the 106 k$ mark will be crucial.

Prediction that BTC will drop to 106.8k soon to attract cash flow, possibly hitting 106.6k soon before pumping up. I will hold the position until it drops to 106.8k. Let's see.