sell
Bitcoin Faces Key Resistance at $106,800 Amid Correction Risks
Bitcoin has experienced a renewed decline, reaching the $104,200 support level, which raises concerns about a potential deeper correction in its price. Currently, it is consolidating and faces hurdles in surpassing the $106,800 resistance zone. The trend is somewhat bullish with a support line at $104,450, but the overall sentiment remains cautious as the price trades below key moving averages and resistance levels. A break above $106,800 could trigger a rally toward $107,500 or even $110,000, whereas failure to clear this resistance might lead to further declines, potentially testing support at $104,200 or lower, possibly approaching $101,200.
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AI Analysis
The recent price action indicates that Bitcoin is experiencing a correction after reaching higher levels. The decline below the $105,650 support and the test of $104,200 suggest that bearish momentum ...
AI Recommendation
Traders should monitor the $106,800 resistance closely. A decisive break above this level may present a buying opportunity with targets near $107,500 and $110,000, but risk remains if the breakout fal...
Disclaimer
The AI analysis and recommendations provided are for informational purposes only. Any investment decisions should be made at your own risk. Past performance is not indicative of future results. Always conduct your own research and consider consulting with a financial advisor before making any investment decisions.
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