Bitcoin Faces Resistance Near $108,800 Amid Global Conflict Risks

The current state of Bitcoin shows a tentative upward movement, having tested the $108,800 mark, but facing resistance and some correction below $108,000. After starting a renewed rally from the $104,500 support, Bitcoin managed to surpass key levels such as $105,500 and $106,200, with a notable push above $108,000. Yet, the inability to sustain above this resistance and the formation of a high at $108,898 have introduced downward correction pressures. The technical landscape indicates that if Bitcoin maintains support above $105,500 and the 50% Fibonacci retracement at $106,700, there remains potential for further upward movement, possibly aiming for $110,000 or higher. Conversely, failure to hold these support levels could trigger a decline back toward $103,500 or even $102,000, signaling a bearish bias amid global conflict uncertainties. Traders should monitor key resistance levels at $107,600 and $108,000, as well as support zones at $106,700 and $105,500, which could provide vital clues for short-term directional decisions. Overall, Bitcoin's path seems to be cautious, with the potential for gains limited by macroeconomic tensions and technical resistance zones.