Following a liquidity dip to $102.7K, Bitcoin ($BTC) is showing positive market movement, gaining strength ahead of key resistance.
Recovery After Dip to $102.7K
Bitcoin ($BTC) has gained fresh momentum in the market after a sudden liquidity drag down to the approximate level of $102.7K. This area caused stop-losses and clearing of leveraged positions but has since recovered and is gaining traction towards the next resistance point.
Resistance Cluster Between $106.1K and $108.9K
The current focus for market participants lies in the resistance range between $106.1K and $108.9K. This zone contains a bearish order block where Bitcoin previously faced intense selling pressure. A break and sustain above the $108.9K level would mean a quashing of the bearish order block and could open the door to further bullish rally.
Trend Confirmation Point and Market Decision
Analysts are particularly observing price reactions within this resistance cluster. Upward pressure and strong volume may push Bitcoin to break resistance and confirm potential bullish extension. This setup is viewed as a decision point in the short term.
In conclusion, Bitcoin is at a critical juncture. The reaction around $107.2K to $108.9K will provide clarity on the cryptocurrency's future trajectory.
