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Bitcoin Struggles to Break $106.8K Resistance, Possible Further Decline.
The price of Bitcoin has fallen to a support level of $104,000, struggling to break through the resistance zone at $106,800. Currently, the price consolidates below the $106,000 mark and the 100-day moving average. An upward trend is forming with support at $104,500 on the hourly chart.
If Bitcoin surpasses $106,800, it could continue rising to test the resistance at $107,500 and possibly reach $110,000. Conversely, failure to突破 the $106,800 level might lead to further declines toward support levels at $103,200 and $102,500.
Technical indicators show that MACD is losing momentum in the bullish zone, and RSI is below 50.
Key support and resistance levels are: supports at $104,200 and $103,200; resistances at $105,500 and $106,800.
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AI Analysis
The recent price action of Bitcoin indicates a consolidation phase below key resistance levels, suggesting traders are cautious ahead of potential breakout or breakdown scenarios. The support at $104,...
AI Recommendation
Given the current technical landscape, it is prudent to approach with caution. Traders should consider waiting for a confirmed breakout above $106,800 to initiate long positions, targeting higher leve...
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.