Bitcoin sees key $107K rejection: Watch these BTC price support levels next
1 min read
Key points:
-
Bitcoin tries and fails to conquer $107,000, an important local level for traders.
-
BTC price forecasts retain the possibility of the market falling back under $100,000.
-
Bitcoin bulls need a perfect storm to move toward all-time highs, analysis concludes.
Bitcoin (
Bulls, it said, needed favorable macroeconomic conditions as a starting point for fighting off sellers higher up.
“A sustained spot recovery, supported by macro tailwinds and stabilizing ETF inflows, could rekindle demand,” it summarized in its latest Asia Color market update on Monday.
“However, rallies above $118k are likely to face renewed OG selling pressure. Until long-term holder supply eases, the most probable base case remains a range-bound BTC market in the medium term.”
QCP referred to ongoing distribution by long-term Bitcoin investors with holdings above $100,000.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
