Bitcoin Price Dey Test $110K Support, Risk Say Deep Fall
Bitcoin price don enter one corrective phase after e break down from one rising channel near di $124K all-time high. Di cryptocurrency dey hover around di critical $110K support, wey align wit im 100-day moving average. If e no fit reclaim dis level, e fit open door for more drop go towards di $104K fair value gap and di $90K zone. Short-term indicators, like di RSI for daily chart, confirm say bearish momentum dey with readings wey dey below 50. For di 4-hour chart, Bitcoin price dey show controlled pullback inside one descending channel, wey dey test mid-range resistance for $110K. If e breakout finish pass dis level, e fit trigger one rebound go $117K, but sellers don show say dem strong for each rally. On-chain metrics like di adjusted SOPR show say profit-taking don increase as readings dey struggle around di breakeven level of 1.0, wey mean say holders dey realize gains. Overall, di market dey cool down, and di next few days go critical to know if di pullback go extend or buyers go regain control. Traders suppose dey monitor di $110K support for signs of stability or weakness to guide short-term trading strategies.
Bearish
Di breakdown under di risin channel and rejection for di $124K high mean say di bullish momentum dey weak. Di daily RSI reading below 50 dey show say di sellers dey dominate di short-term price movement. Di critical $110K support, wey dey match di 100-day moving average, now act as one make-or-break level. If e no hold, e fit accelerate di move go $104K fair value gap and di $90K area, wey many go dey buy aggressively but e still mean deeper price drop. On-chain metrics like adjusted SOPR show say people dey take profit well well with readings around 1.0, meaning holders no wan risk longer loss and dem dey realize gains. Historically, similar profit-taking phases don lead to further pullbacks before new bullish legs come out. So, di current situation favour di bears short term, but if price bounce pass $110K, e fit stop di bearish trend. Traders suppose dey watch how strong di support be or if e go break, so dem fit know if di correction go deepen or if price go steady for new upside run.