Bitcoin Faces Resistance at $110,700 as Whale Supply Hits 2018 Levels
- Bitcoin faces repeated resistance rejections, raising risks of a pullback near $107,200
- Whale supply per holder drops to 2018 levels, signaling redistribution and reduced control
- Correction depth stays within norms, with 12% decline aligning to past bull market patterns
Bitcoin continues to test critical levels while showing signs of exhaustion at resistance. The world’s largest cryptocurrency traded at $111,018 as of press time, up 0.63% in the past 24 hours.
Its market capitalization now stands above $2.21 trillion, with trading volumes surpassing $47 billion. Yet beneath the surface, technical signals and on-chain metrics highlight growing challenges that could determine the next major move.
Rejection Signals from Key Resistance
Analyst Ali Martinez observed that Bitcoin recently touched the upper boundary of a descending channel near $110,700. This level has emerged as firm resistance, with multiple wicks forming at the boundary.
The repeated rejections suggest that buyers are struggling to gain momentum. Consequently, a pullback toward $107,200 appears likely. A deeper decline could even send the price closer to $103,000, making the current …
The post Bitcoin Faces Resistance at $110,700 as Whale Supply Hits 2018 Levels appeared first on Coin Edition.
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Bitcoin Slips Below $110K as Analysts Weigh Risk of Deeper Pullback
Bitcoin Faces Resistance at $110,700 as Whale Supply Hits 2018 Levels
- Bitcoin faces repeated resistance rejections, raising risks of a pullback near $107,200
- Whale supply per holder drops to 2018 levels, signaling redistribution and reduced control
- Correction depth stays within norms, with 12% decline aligning to past bull market patterns
Bitcoin continues to test critical levels while showing signs of exhaustion at resistance. The world’s largest cryptocurrency traded at $111,018 as of press time, up 0.63% in the past 24 hours.
Its market capitalization now stands above $2.21 trillion, with trading volumes surpassing $47 billion. Yet beneath the surface, technical signals and on-chain metrics highlight growing challenges that could determine the next major move.
Rejection Signals from Key Resistance
Analyst Ali Martinez observed that Bitcoin recently touched the upper boundary of a descending channel near $110,700. This level has emerged as firm resistance, with multiple wicks forming at the boundary.
The repeated rejections suggest that buyers are struggling to gain momentum. Consequently, a pullback toward $107,200 appears likely. A deeper decline could even send the price closer to $103,000, making the current …
The post Bitcoin Faces Resistance at $110,700 as Whale Supply Hits 2018 Levels appeared first on Coin Edition.
Read More