The post Bitcoin Price Struggles at $108.5k, What’s Next for BTC? appeared first on Coinpedia Fintech News
Bitcoin price has dropped amid renewed regulatory concerns surrounding pending U.S. crypto legislation and BTC’s inability to decisively break above technical resistance. Despite bullish MACD signals earlier this week, BTC failed to hold above the critical $108,500 pivot point.
However, on the brighter side, the institutional sentiment remains strong. Japanese investment giant Metaplanet acquired an additional 2,205 BTC for $239 million yesterday, taking its total holdings to 15,555 BTC. Curious where Bitcoin price is heading in the near future? Then this price analysis is a must-read for you.
OnChain Suggests Short-Term Sell Pressure?
The Exchange Flow Balance chart from Santiment, shows a recent positive net inflow of 217 BTC. This marks a shift from the previous outflows observed in late June. This change suggests that more Bitcoin is moving onto exchanges, typically a bearish signal as it may indicate an intent to sell. The uptick in inflows aligns with Bitcoin’s price rejection near the $108,500 resistance, justifying near-term caution among traders amid mounting regulatory uncertainty.
Bitcoin (BTC) Price Analysis
As of press time, Bitcoin is being sold at $108,071.64, with a 0.93% price loss over the previous day. The market cap has also fallen to $2.14 trillion, while the intraday business volume surged 18.57% to $44.24 billion, signaling heightened trader activity around key levels.
On the 4-hour chart, the price is currently testing the midline of the Bollinger Bands, with resistance at $110,046 and support near $106,890, forming a squeeze pattern. This suggests a potential breakout, but the direction remains uncertain. The RSI is hovering at 47.97, below the neutral 50 level, hinting at dwindling momentum.
It is worth noting that, despite bullish efforts, the failure to close above the 20-SMA at $108,428 and the upper Bollinger Band points to strong overhead resistance. If bulls reclaim $109,200, a test of $110,000 is likely. On the downside, a loss of the $107,600 level could lead to a retest of $106,890.
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FAQs
Bitcoin is encountering resistance due to selling pressure near the upper Bollinger Band and the 20-SMA, with RSI weakness adding to the bearish outlook.
At the time of press, the price of 1 Bitcoin is at $108,071.64, with an intraday price change of +1.07%.
The resistance lies at $110,046, while $106,890 is the critical support.
