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Bitcoin Faces Resistance Near $109,588 Amid Profit-Taking Phase
Bitcoin continues to face selling pressure as it tries to climb above the $109,588 mark amidst ongoing profit-taking. Experts suggest that a modest decline could be healthy for the market, with support levels anticipated around $94,000. Should Bitcoin manage to stay above the 20-day EMA at $105,453, the possibility exists for a retest of $111,980.
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AI Analysis
The current trend for Bitcoin indicates a struggle to surpass the resistance level at $109,588, largely driven by profit-taking activities among traders. This consolidation phase suggests a healthy co...
AI Recommendation
Given the current technical setup, it is advisable for traders to remain cautious but optimistic. Holding above the key EMA at $105,453 could serve as a bullish indicator, and traders might consider p...
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.