Bitcoin Clashes with $108K Barrier: Reversal Ahead?

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📊 Bitcoin Technical Analysis

🟩 Overview

Asset: Bitcoin (BTC/USD)

Current Price Action: Approaching or testing the $108,000 resistance zone.

Chart Type: Candlestick

Indicators Present: Trendline, horizontal resistance zone, potential retracement projection.



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🔍 Key Observations

1. Major Resistance at $108,000

Price has rallied into a well-defined horizontal resistance zone, shown with a red rectangle.

This level has historical significance — likely a previous high or congestion area.

Multiple rejections around this level could signal weakening bullish momentum.


2. Bearish Projection

The blue dashed line suggests a retracement scenario:

Initial support zone: ~$104,000

Deeper pullback target: ~$102,000


This implies a short- to medium-term bearish outlook if bulls fail to break and hold above $108,000.


3. Trendline & Structure

The chart does not show a strong upward continuation pattern like a bull flag or breakout.

Instead, it looks like a rising wedge or exhaustion pattern nearing completion.


4. No Indicators Visible (e.g., RSI, MACD)

It’s harder to confirm overbought/oversold conditions or divergences, but the price action alone suggests hesitation and potential reversal.



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⚖ Conclusion: Bullish or Bearish?

Bias Justification

🟥 Bearish - Price struggling at $108K resistance<br>- Bearish projection marked<br>- No breakout confirmation<br>- Risk of profit-taking at highs
🟩 Bullish - Only if $108K is broken convincingly with volume and follow-through<br>- Retest and hold above $108K could invalidate reversal setup

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