Bitcoin $106,800 Support Retest To Determine Next Move – Breakout Or Breakdown Ahead?
Bitcoin (BTC) has experienced a 2% price drop in the last 24 hours, currently trading at $107,700. The cryptocurrency has been consolidating between $106,800 and $109,700 after reaching an all-time high (ATH) of $111,953. Analysts suggest that Bitcoin's trend remains intact, with potential for a breakout that could lead to a 30% rally towards $140,000-$150,000. However, a breakdown below the $106,800 support level could increase volatility and push prices down to around $102,700. BTC-based exchange-traded funds (ETFs) have seen significant inflows recently, indicating market interest. Analysts warn that if inflows cease without price progress, it may signal a local top. Current market conditions suggest cautious investor sentiment ahead of the Federal Open Market Committee's release of meeting minutes.
