Bitcoin News Today: Bitcoin Faces $107K Barrier as Bulls and Bears Battle in Key Supply Zone
- Bitcoin fell below $107,250 after failing to hold a key resistance level, raising fears of a potential "death cross" bearish pattern. - Analysts note buyers are accumulating during dips but lack strength to break through a dense $106k-$118k supply zone, keeping Bitcoin in "consolidation limbo." - Technical indicators show mixed signals: RSI indicates oversold conditions while MACD suggests the market isn't yet in full bear territory. - A prolonged downturn could follow if Bitcoin stays below its 365-day
The recent movements in Bitcoin’s price have reignited discussions about whether the cryptocurrency is on the verge of a recovery or facing further losses, as both technical analysis and blockchain data offer conflicting signals regarding investor sentiment. Last week, the asset slipped below $107,250 after it was unable to maintain a key resistance point,
Experts from Glassnode suggest that
Whether the market is shifting into a bearish period is largely determined by technical signals.
Certain developments could prove decisive. If Bitcoin stays below its 365-day moving average for four to six weeks—a pattern that has historically signaled bear markets—or if long-term holders sell off more than 1 million BTC within two months, a deeper downturn could ensue.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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