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Bitcoin Faces Resistance and Risks Pullback After Recent Highs
Recent trading sessions have seen Bitcoin struggling to maintain momentum above $110,000 as it encounters significant resistance, suggesting that bears may be preventing the cryptocurrency from reaching new all-time highs. Despite these challenges, Bitcoin has consistently found support above $108,000, showcasing the resilience of bulls. This situation aligns with predictions from crypto analyst TehThomas, who anticipated the rejection at these higher levels.
Potential Pullback on the Horizon
TehThomas has outlined a scenario where Bitcoin could see a minor correction. After a robust recovery from near $100,000, Bitcoin managed to bridge multiple fair value gaps quickly, propelling it above $110,000. This surge was accompanied by a positive shift in market sentiment, heightened trading volumes, and strong price movements, indicating a bullish outlook for the asset.
However, the analyst suggests that the price might retract to lower levels in the short term. The recent rally has left a fair value gap just under $107,000, which may need to be addressed before any further upward movement. Such a pullback would not necessarily signal a bearish turn but could serve as a consolidation point, setting the stage for continued growth.
Bitcoin’s Price Trajectory: A Controlled Retracement?
According to TehThomas, Bitcoin could temporarily dip below $105,000, reaching into the $104,000 territory, before rebounding. This expected 5% pullback, while seemingly slight, could have broader implications for the altcoin market. Nonetheless, the overarching trend for Bitcoin remains positive. Once the market fills the identified fair value gap, we may witness a robust push towards new highs.
TehThomas describes this pattern as a “classic breakout-fill-continue sequence,” suggesting that after this brief consolidation phase, Bitcoin is likely to challenge major resistance levels again. The analyst highlighted the clean and structured momentum currently driving Bitcoin’s price, which is likely to support a continuation of the upward trend.
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Bitcoin’s journey is a testament to its enduring appeal and the dynamic nature of the crypto markets. As we observe these developments, it’s clear that the path forward, though occasionally rocky, holds promising prospects for sustained growth. For more information on Bitcoin and other cryptocurrencies, you can explore Binance.
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