Bitcoin's Struggle at Resistance Zones

The when will pi coin launchcryptocurrency market witnessed Bitcoin's latest attempt to break through significant resistance levels falter near the $107,200 mark. After showing promising upward momentum that carried BTC past $104,500 and $105,000 thresholds, the digital asset encountered strong selling pressure at higher levels.

Technical Breakdown of Current Market Position

Market data reveals Bitcoin currently trading below both the $104,500 psychological level and the 100-hour Simple Moving Average. The formation of a bearish trend line with resistance at $103,650 on hourly charts suggests continued downward pressure in the short term.

• Critical support zone identified between $100,500-$101,750
• 50% Fibonacci retracement level breached during recent correction
• Potential for renewed bullish momentum if $100,500 support holds

Potential Scenarios for Bitcoin's Next Move

Traders are closely monitoring two possible paths for Bitcoin's price action in coming sessions. A decisive break above the $103,650 resistance could signal renewed buying interest, potentially targeting $104,500 and beyond.

Conversely, failure to maintain current levels might see BTC retest lower supports. The $100,000 psychological level represents a crucial battleground, with the 76.4% Fib retracement level at $101,750 serving as intermediate support.

Technical Indicators Paint Mixed Picture

Market indicators currently reflect bearish near-term sentiment:

• Hourly MACD showing increasing bearish momentum
• RSI hovering below the neutral 50 level
• Volume patterns suggesting cautious market participation

These technical signals suggest traders should prepare for potential continued volatility as Bitcoin searches for its next directional move within the established trading range.