The cryptocurrency Bitcoin has been

The cryptocurrency Bitcoin has been experiencing an ascending consolidation phase near its critical $108K resistance level, recently facing a sharp decline. Despite this, strong support zones suggest a potential for a short-term bullish rebound. Technical analysis indicates that the daily chart shows Bitcoin trending upwards within a multi-month bullish channel, with a recent rejection at $108K causing a sharp decline to the channel’s middle boundary near $95K.

A bounce from this region

A bounce from this region is expected, possibly leading to a renewed uptrend. On the other hand, if the channel’s lower boundary near $75K is breached, there’s a risk of further correction. On-chain analysis suggests that the Bitcoin Long-Term Holder SOPR metric indicates improving investor sentiment, with long-term holders realizing profits but maintaining controlled selling pressure.

This indicates sustained confidence among investors, supporting continued growth potential.

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