INSUBCONTINENT EXCLUSIVE:
$105,000 in the short term if key levels are lost.Bitcoin (BTC) bulls were thwarted in an attempt to regain support at $110,000 on Thursday
For example, Bitcoin price was rejected multiple times from the $107,000 level in January, just 2% below the previous all-time high above
This preceded a 14% price drop over the two weeks that followed.Related: Bitcoin bull run could peter out in 2-3 months, says
analystSimilarly, BTC price plunged 18% within 10 days following multiple rejections from the $72,000 resistance level, close to the earlier
$73,800 record high of March 14, 2024.BTC/USD charts with past rejections from all-time highs
Source: Cointelegraph/TradingViewIf history repeats, the BTC/USD pair will drop 14%-18% from current price levels.Technical indicators like
bearish divergences in the relative strength index, where the price makes higher highs but RSI forms lower highs, reinforce the resistance
hesitation among traders, increasing the likelihood of a pullback.Key Bitcoin price levels to watch under $110,000Data from Cointelegraph
Markets Pro and TradingView shows Bitcoin price trading at $109,100, as $110,000 remains a key barrier
zone stretching from $110,000 to $112,000, which the bulls must also overcome to get back into price discovery.BTC/USD four-hour chart
Source: Cointelegraph/TradingViewConversely, the bears will attempt to defend the $110,000 resistance, increasing the likelihood of pulling
A key area of interest lies between $107,500, where the 50-day simple moving average (SMA) currently sits, and $106,000, where the 100-day
Source: KillaXBTThe BTC/USDT three-day liquidation heatmap shows the biggest liquidity cluster of $121 million, sitting just above $110,000,
as per data from CoinGlass.A short squeeze is therefore in play if the $110,000 level is broken, which could force short sellers to close
positions and drive prices toward $114,000.BTC/USDT three-day liquidation heatmap
Source: CoinGlassOn the downside, heavy bid orders are sitting around $108,000, with the next significant cluster bands in place from
$107,700 to $105,000.This article does not contain investment advice or recommendations
Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
