Bitcoin Holds $107K Support, Struggles at $116K Resistance
Bitcoin price has tested support twice at around $103,000, spiking to $115,540 before retreating to about $107,720. The 21-day simple moving average (SMA) near $116,000 acts as key resistance, while support zones lie at $107,000, $104,000, and the stronger demand zone between $100,000 and $90,000. Bitcoin price bars trading below both the 21- and 50-day SMAs on daily and 4-hour charts indicate bearish momentum. A decisive break above the 50-day SMA could fuel a rally toward the prior peak of $126,110. Conversely, a drop below $107,000 support risks a slide to the $100,000 demand zone and potentially lower levels at $95,000 and $90,000. Traders should monitor these moving averages and support-resistance levels for risk management and potential range-bound opportunities.
Bearish
Both summaries highlight that Bitcoin price is trading below key moving averages and has repeatedly tested support around $103,000 and $107,000, signaling increased bearish pressure in the short term. Indicators such as price bars below the 21-day and 50-day SMAs on daily and 4-hour charts suggest downward momentum, raising the risk of further declines toward major demand zones at $100,000, $95,000, and $90,000. While a break above the 50-day SMA could trigger a bullish reversal toward the previous peak of $126,110, the absence of clear upside strength combined with persistent resistance near $116,000 points to a likely continuation of the downward or range-bound trend. Traders may therefore adopt a cautious approach, focusing on short-term support and resistance levels for risk management. Overall, the prevailing technical setup favors a bearish outlook until decisive bullish signals emerge.