Bitcoin Price Flirts With Breakdown as Resistance Holds

The Bitcoin price currently hovers at $110,843, a reflection of bearish pressure after multiple failures at breaking the $114,000 resistance level. The analysts warn that unless Bitcoin clears this level in the near term, short-term bounces are bound to be short-lived.

Following BitBull, the longer BTC remains pegged below this important level, the higher the chance of a larger correction. That is also the view of another well-known analyst, Mags, who predicts $108,000 as the range bulls must defend. If the price of Bitcoin falls below that, it could push toward sub-$100K levels.