- BTC price is trading below $111,000 with resistance of 0.786 Fib retracement at $110,700.
- Price is within a bearish channel since mid-August with steady lower highs.
- A rejection at the breakout may drive BTC back to the $107,200 or lower to $105,750 support.
BTC is again hitting a crucial resistance zone around $110,700, which has blocked rising movements several times in the past few weeks. With cryptocurrency trading in a consistent downward trend, traders and analysts are keenly watching it to determine whether the level will be maintained and drive prices downwards. As higher failing has been broken recently, the question arises now, whether BTC will receive another rejection and start a data-driven correction shortly.
BTC Faces Resistance at $110,700 While Bearish Channel Holds
BTC is under $111,000 following an unsuccessful breakout attempt over the weekend. The crypto has been trading within a downward trending channel since mid-August, with both upper and lower limits holding the prices.
As shown on the 4-hour chart, the price has just hit off the level of approximately $107,200 and is currently approaching a serious resistance zone around the level of 110,700. This price range coincides with the 0.786 Fibonacci retracement and the channel top, which is an important short-term level. The Ichimoku Cloud indicator reveals that the BTC continues to trade under bearish conditions as well.
Any prior stages of trying to crack this range have been met with immediate dismissals. The frequent signals of sell, which took place at the upper boundary of the channel are a clear example. All signals brought about additional losses. A brief bounce was seen on August 23 on the Buy signal at or near the lower support, but the price did not prevail at levels above the mid-channel.
BTC may move down unless it breaks and closes above 111,000 with high volume. The 0.618 Fibonacci retracement at $113,600 has not been broken yet, and it is possible that the present rally is not so strong. In case the price cannot maintain above 110,700, another test of 107,200 might ensue According To Ali Chart Post on X. Further correction may push the BTC to $105,750 in case of rising bearish force.
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