Bitcoin continues to face significant resistance near the $108,000 price level, reflecting a market caught in a state of uncertainty. The inability to decisively breach this key threshold underscores the ongoing struggle between bullish and bearish forces.
The weekly price chart vividly illustrates this indecision, characterized by long upper and lower wicks on the candle. This pattern signals a consolidation phase where neither buyers nor sellers have gained definitive control, resulting in price rejection at both higher and lower levels.
Market analysts, including prominent trader Daan Crypto Trades, attribute the current hesitation to mixed news flow and conflicting sentiment. They emphasize that a clear, sustained weekly close above $108,000 is necessary to confirm a bullish breakout and potentially trigger a new upward trend.
In response to the uncertain environment, traders are reportedly adopting a more cautious stance. Strategies include reducing exposure to volatile assets, increasing allocations to stablecoins for capital preservation, while still maintaining some Bitcoin positions to capture potential upside should a breakout occur.
The market now awaits a decisive move above the $108,000 resistance to establish Bitcoin’s next major directional trend. Effective risk management remains a top priority for participants navigating this period of heightened indecision.