Bitcoin’s recent price action has shown signs of fading momentum three weeks after reaching a new all-time high of $111,814. The leading cryptocurrency climbed back above $110,000 on Monday off the back of cooling U.S. inflation data and a temporarily weaker dollar. However, the rally was short-lived. Profit-taking, compounded by geopolitical tensions between Israel and Iran, has contributed to a risk-off environment that pushed Bitcoin down below $105,000 in the past 24 hours. This sharp reversal highlights a significant technical level that could decide whether Bitcoin sustains its uptrend or enters a crash towards $94,000. Final Fibonacci Resistance Holding The Line According to a new analysis shared by pseudonymous crypto analyst XForceGlobal on the social media platform X, Bitcoin’s current corrective structure could deepen if it fails to overcome the 88.6% Fibonacci resistance level. The analyst highlighted that the bullish impulse that carried Bitcoin now appears to be losing steam. Related Reading: Bitcoin Risks Pullback To $105,000 After Facing Rejection Above $110,000 The price zone around $110,500, which is marked by the 88.6% Fibonacci resistance, has not been convincingly breached, casting doubt on the ..
Support the originator by clicking the read the rest link below.
