Bitcoin continues to encounter formidable resistance near the $108,000 price level, with technical indicators and market dynamics suggesting an increased likelihood of near-term downward pressure. The cryptocurrency has only managed to close above this critical threshold in three out of the past thirty four-hour trading sessions, highlighting persistent selling pressure.
The Average Directional Index (ADX) reading of 17 reflects weakening bullish momentum, while repeated failures to breach the $107,500-$108,000 range underscore seller dominance. Mixed technical signals emerge from Volume Profile analysis, with Bitcoin trading above its point of control yet showing signs of potential mean reversion in moving averages.
Weekend trading conditions further complicate breakout attempts, as historically lower volumes and wider spreads reduce the probability of sustaining closes above $108,000. Market participants are closely monitoring $108,000 as immediate resistance and $105,000 as crucial support, where bulls must defend against deeper corrections.