Bitcoin’s price action remains uncertain as it struggles to surpass the critical $108,000 resistance, signaling a market caught between bullish optimism and bearish caution.
After a failed breakdown below $100,000 last week, Bitcoin’s weekly candle exhibits long wicks on both ends, reflecting a tug-of-war between buyers and sellers that has led to a consolidation phase.
According to prominent trader Daan Crypto Trades, the mixed news flow and market sentiment have contributed to this indecisiveness, with a decisive weekly close above $108K needed to confirm a bullish breakout.
Bitcoin stalls below $108K amid mixed signals and market indecision, with traders awaiting a clear breakout to confirm the next major price move.
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Bitcoin’s recent price behavior highlights a pivotal moment as it hovers just below the $108,000 resistance level. This threshold is widely regarded by analysts, including Daan Crypto Trades, as essential for validating a sustained bullish trend. The weekly candle’s formation—with its characteristic long upper and lower wicks—illustrates a market in flux, where neither bulls nor bears have secured definitive control. This indecision is further compounded by fluctuating news events, which initially sparked optimism before giving way to bearish pressures.
The current price structure suggests a classic consolidation pattern, where traders are adopting a cautious stance amid conflicting signals. The failure to close above $108,000 on a weekly basis has led to a range-bound market, with participants balancing between taking profits and accumulating positions. Daan Crypto Trades emphasizes that until Bitcoin decisively breaks and closes above this level, the outlook remains neutral. This scenario encourages a strategic approach favoring stablecoins and reduced spot exposure, while maintaining some BTC holdings to capitalize on potential upside.
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Source: https://en.coinotag.com/bitcoin-faces-uncertainty-below-108000-as-weekly-candle-indicates-market-indecision/