Over the past weekend, Bitcoin showed strong momentum, reaching a significant resistance level at $108,900. This event could determine the cryptocurrency's trajectory in the coming days.
Current Market Situation
Bitcoin is experiencing strong market movement as the week begins following a price surge over the weekend. However, the price is now trading in a zone that has historically acted as resistance, and the market’s reaction will shape the near-term outlook.
Key Technical Levels
The $108,900 level has several technical factors at play:
* **Key Resistance at $108,900:** This level aligns with prior swing highs, the 0.618 Fibonacci retracement, and significant resistance. * **Support Cluster at Weekend Lows:** A strong liquidity zone forms near the weekend lows. * **High Likelihood of Liquidity Sweep:** Bitcoin often targets weekend lows before major movements, especially when consolidating at resistance.
Future Outlook
Bitcoin is at a critical inflection point. A breakout above $108,900 with strong volume increases the probability of new all-time highs. Conversely, a rejection at this level raises the likelihood of a liquidity sweep and a potential retracement to support zones near $104,000.
Bitcoin's success in breaking the $108,900 level could lead to new highs, while a rejection may suggest a corrective move. Keeping an eye on these levels will be crucial.
