Bitcoin Battles Resistance at $108.5k – Will Bulls or Bears Win the Next Round?
Bitcoin's price action hits a wall at $108.5k – traders hold their breath as volatility looms.
Key Levels to Watch
The king of crypto keeps testing this psychological barrier like a day trader testing their spouse's patience. Each rejection fuels speculation: is this the prelude to a breakout or another 'buy the rumor, sell the news' trap?
Market Sentiment Split
Institutional money keeps eyeing BTC like a hedge fund manager eyes a tax loophole – but retail traders remain skittish after last month's 20% flash crash. Liquidity pools below $100k suggest some whales are loading up for the next leg.
Technical Outlook
RSI shows neither overbought nor oversold – the calm before either a storm or a snooze fest. Meanwhile, Bitcoin maximalists still pretend altcoins don't exist while quietly diversifying into ETH.
What's Next?
Either we get confirmation that $108.5k is the new support floor... or another painful lesson in why you don't chase pumps. Place your bets – the casino never closes.
Bitcoin price has dropped amid renewed regulatory concerns surrounding pending U.S. crypto legislation and BTC’s inability to decisively break above technical resistance. Despite bullish MACD signals earlier this week, BTC failed to hold above the critical $108,500 pivot point.
However, on the brighter side, the institutional sentiment remains strong. Japanese investment giant Metaplanet acquired an additional 2,205 BTC for $239 million yesterday, taking its total holdings to 15,555 BTC. Curious where Bitcoin price is heading in the near future? Then this price analysis is a must-read for you.
OnChain Suggests Short-Term Sell Pressure?
The Exchange Flow Balance chart from Santiment, shows a recent positive net inflow of 217 BTC. This marks a shift from the previous outflows observed in late June. This change suggests that more Bitcoin is moving onto exchanges, typically a bearish signal as it may indicate an intent to sell. The uptick in inflows aligns with Bitcoin’s price rejection near the $108,500 resistance, justifying near-term caution among traders amid mounting regulatory uncertainty.
Bitcoin (BTC) Price Analysis
As of press time, bitcoin is being sold at $108,071.64, with a 0.93% price loss over the previous day. The market cap has also fallen to $2.14 trillion, while the intraday business volume surged 18.57% to $44.24 billion, signaling heightened trader activity around key levels.
On the 4-hour chart, the price is currently testing the midline of the Bollinger Bands, with resistance at $110,046 and support NEAR $106,890, forming a squeeze pattern. This suggests a potential breakout, but the direction remains uncertain. The RSI is hovering at 47.97, below the neutral 50 level, hinting at dwindling momentum.
It is worth noting that, despite bullish efforts, the failure to close above the 20-SMA at $108,428 and the upper Bollinger Band points to strong overhead resistance. If bulls reclaim $109,200, a test of $110,000 is likely. On the downside, a loss of the $107,600 level could lead to a retest of $106,890.
If you are a hodler, you cannot miss out on our Bitcoin (BTC) Price Prediction 2025, 2026-2030!
FAQs
Why is Bitcoin facing resistance near $108,500?Bitcoin is encountering resistance due to selling pressure near the upper Bollinger Band and the 20-SMA, with RSI weakness adding to the bearish outlook.
What is Bitcoin price today?At the time of press, the price of 1 Bitcoin is at $108,071.64, with an intraday price change of +1.07%.
What is Bitcoin price prediction for this week?The resistance lies at $110,046, while $106,890 is the critical support.
