Bitcoin is undergoing a consolidation phase near the important resistance level of $108K, but has recently faced a sharp decline.
- Strong support around the $90K level and the midline of the long-term upward price channel suggests a potential short-term recovery.
- If Bitcoin bounces back from this support, it may test the $108K level again. Conversely, if it does not hold, the price could drop further, with the next support at $75K.
- On the 4-hour chart, Bitcoin rejected the $108K level and dropped near $95K, an important dynamic support level.
- The SOPR index indicates that investor confidence is improving, with the potential for continued market expansion. 📈