Bitcoin Don Hold $107K Support, Dey Struggle for $116K Resistance
Bitcoin price don test support two times for around $103,000, e jump up reach $115,540 before e come down to about $107,720. The 21-day simple moving average (SMA) wey dey near $116,000 na big resistance, while support zones dey for $107,000, $104,000, and the stronger demand zone from $100,000 to $90,000. Bitcoin price wey dey trade below both the 21- and 50-day SMAs for daily and 4-hour charts show say bearish momentum dey. If e break wella above the 50-day SMA fit push rally go the last peak of $126,110. But if e fall below $107,000 support, e fit make am slide enter the $100,000 demand zone and even lower levels for $95,000 and $90,000. Traders suppose dey watch these moving averages and support-resistance levels for risk management and possible range-bound chance dem.
Bearish
Both summary dem show say Bitcoin price dey trade below key moving averages and e don test support around $103,000 and $107,000 several times, wey mean say bearish pressure don increase short term. Indicators like price bars wey dey below 21-day and 50-day SMAs for daily and 4-hour charts dey show say momentum dey go down, e dey raise risk say price fit fall further go major demand zones for $100,000, $95,000, and $90,000. Even though if e break above 50-day SMA e fit trigger bullish reversal go that previous peak of $126,110, the lack of clear strength plus resistance wey still dey near $116,000 show say the down or range-bound trend fit continue. Traders fit adopt cautious approach, dem go focus on short-term support and resistance levels to manage risk well. Overall, the technical setup dey favor bearish outlook until clear bullish signals show.