- Bitcoin’s bull flag breakout on the daily chart has failed to sustain above resistance levels.
- Key support lies between $100,700 and $102,700 if the bearish trend persists.
- BTC trades at $108,033, fluctuating within the $107,933–$108,252 range.
Bitcoin’s recent bullish attempt at continuation has begun to lose steam. On the daily chart, the crypto formed a bull flag pattern, initially showing a breakout. Bitcoin, however, was unable to sustain above the resistance of the flag. Being unable to remain above the breakout level has generated fear among players. The price has now fallen below the previous breakout point, which could imply a short-term decline unless momentum reverses in a hurry
The virtual currency is currently exchanging hands at $108,033 , a small 0.1% increase in the last 24 hours. Nevertheless, the market appears to be retesting key technical levels once more. During the last trading session, Bitcoin fluctuated within a support of $107,933 and a resistance of $108,252. These tight price movements further point to market indecisiveness following the unsuccessful breakout attempt.
Immediate Focus Turns to $100.7K–$102.7K Support Zone
Should the selling pressure persist, there is a chance that Bitcoin can test the next major support zone at $100,700 and 102,700. This area has been supporting good buying interest and will serve as a stabilizing zone in the short term. Remarkably, the technical indicators indicate that this would provide a crucial pivot of the subsequent significant adjustment.
Several price zones below the current level remain on watch. As an example, in case the $102,782 and $101,196 support collapse, Bitcoin might drift lower again towards the level of 100,777. These levels continue to be important in distinguishing whether the broader bullish structure is going to hold or additional corrective phases will ensue.
Tight Range Dominates as Traders Await Clearer Direction
Bitcoin has made sideways moves over the past 24 hours, creating a picture of prudence by traders. This value gap between $107,933 and 108,252 may not be significant but it is a critical near-term battleground between buyers and sellers. The range, despite the bullish momentum before, shows that the market is trying to figure out its direction following the unsuccessful breakout.
In case Bitcoin convincingly falls below the $107,933 level of support, they are likely to experience heightened price volatility. However, as long as it finds itself trading within this range, it still holds a chance of retesting higher levels. When market participants contemplate changing their strategies under altering circumstances, they show great attention to obstacles (areas of resistance), as well as support levels to ensure the direction to go further.
