Bitcoin is currently experiencing a bearish trend, facing resistance in the range of $106,000 to $118,000. Market dynamics indicate a cautious sentiment among investors. Recent trends show ETF outflows and low leverage, suggesting that market participants are hesitant. This cautious atmosphere reflects a broader wait-and-see approach as traders anticipate renewed conviction for a potential breakout. The resistance levels indicate a significant challenge for Bitcoin to gain upward momentum in the near term. As the market remains vigilant, any signs of increased buying interest could shift the current dynamics. However, until then, Bitcoin’s price is likely to remain constrained within this bearish range.
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