Bitcoin ($BTC) recently tested the resistance level of $110,700, experiencing multiple rejections indicating strong selling pressure.
Resistance Situation at $110,700
Bitcoin tested the upper boundary of a rising channel around $110,700. This resistance level became apparent after several rejections recorded on candlestick charts, indicating strong selling pressure and buyers struggling to push above.
Potential Support Levels
If the rejection at $110,700 holds, Bitcoin could see a return to $107,200, previously acting as both resistance and support. If this level fails, the next target could be around $103,000, historically a strong buying interest zone.
Factors Traders Should Watch
Short-term traders should monitor price behavior around $107,200. A bounce could suggest continued consolidation, while a breakdown might invite deeper losses. Volume spikes and candlestick formations near these levels will offer further hints.
This potential pullback does not necessarily indicate a long-term bearish trend but may provide entry opportunities for those waiting on the sidelines.
