So far, $107,000 has become an important level, having served as resistance in Bitcoin’s most recent bid for new all-time highs. Following the price decline, it has once again turned into resistance, and the bulls have been unable to clear this level to resume this uptrend. Given this, $107,000 has now become the level to beat if the price is going to continue upward.
The analyst explained that the rise above all-time highs was not a real breakout, calling it a stop hunt. Additionally, the fair value gap is sitting at $105,600 and $106,000, and since the Bitcoin price has been unable to reclaim this level, it increases the likelihood of further pullback.
