Bitcoin: Bearish Pressure Mounts — Next Target $107,000
Market Overview:
Bitcoin continues its decline after multiple failed attempts to hold above $116,000. The price has formed a five-wave Elliott structure, reinforcing the bearish momentum. The focus now shifts to the $107,000-106,500 support zone, where buyers may show renewed interest.
Technical Signals & Formations:
Elliott Waves suggest completion of corrective wave (5).
EMA (144) remains above current price, acting as resistance.
Overall structure signals sustained bearish pressure.
Key Levels:
Support: $107,000 – 106,500
Resistance: $114,800 – 116,000
Scenario:
Main (bearish): decline towards $107,000 with potential test of $106,500.
Alternative (bullish): breakout above $116,000 could attract buyers and push BTC towards $120,000.
