BTC Fails $110K for Third Time: Key Levels to Watch

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Bitcoin price rally stalls at $110,000 after strong US employment data, with big overhead resistance at $112,000 and several key support levels below.

Bitcoin’s multiple rejections from $110,000 signal the bulls’ inability to sustain higher prices.

BTC price may drop as low as $105,000 in the short term if key levels are lost.

Bitcoin bulls were thwarted in an attempt to regain support at $110,000 on Thursday as US employment data exceeded expectations, dealing a blow to hopes of interest-rate cuts before September. 

This is the third failed attempt since the May all-time high, casting doubt on Bitcoin’s ability to breach $110,000 and enter price discovery again.

Bitcoin price risks  a deeper correction
Historically, multiple rejections near all-time highs have preceded sharp drops in BTC price.

For example, Bitcoin price was rejected multiple times from the $107,000 level in January, just 2% below the previous all-time high above $109,000 reached on Jan. 20. This preceded a 14% price drop over the two weeks that followed.


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