Bitcoin (BTC) price failed to break through the 109,000 dollar (approximately 151.51 million won) resistance line and turned to a downward trend, retreating to the 105,250 dollar (approximately 145.72 million won) range. As consecutive rising attempts were thwarted and selling pressure accelerated, there are suggestions that it could be adjusted to as low as 104,000 dollars (approximately 144.56 million won) in the short term.
Bitfinex cryptocurrency exchange analyzed in its market report that Bitcoin has formed a local top or may soon enter a sideways consolidation phase for a certain period. In particular, there are concerns that on-chain indicators, trading volume, and technical resistance lines are simultaneously failing to find direction, increasing the risk of further decline.
Technical analysis shows that the current Bitcoin price is trading between a downward trend line and major moving averages, trapped in a narrow band. While this can be interpreted as a signal that prices may enter a short-term stabilization phase without significant fluctuations, there is also room for a sharp decline if key support lines are broken.
Market participants believe that the price movements in the coming days could be a turning point for trend reversal, focusing on key support and resistance lines. Especially, if the 104,000 dollar (approximately 144.56 million won) zone, which previously formed a strong technical support line, is breached, there are analyses suggesting that the psychological fear could further open the lower trend.
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