Bitcoin Trapped On Binance: The Battle Between $107K and $119K Heats Up

Bitcoin's price is currently experiencing significant uncertainty and a lack of clear direction. It has been trading within a well-defined range for about 120 days according to analysis. The trading range is between approximately $107,500 and $119,300, with the Point of Control (POC) centered around $117,500. Bitcoin has repeatedly failed to sustain momentum above the upper boundary, demonstrating a balance between buyers and sellers. Recent analysis reveals a "Look Above and Fail" pattern, indicating underlying market weakness. The POC near $117,500 is a key battleground where a breakout could determine the next major price movement. A break above the POC could lead to a test of $119,300, while rejection could target $107,500. Bitcoin is also facing resistance near $111,000 to $112,000, with crucial moving averages playing a role. Support is found around $107,000, which bulls must defend. A sustained move above $111,000 could target $117,500, but a break below $107,000 may lead to further losses. The market remains in consolidation, waiting for a breakout to determine the next major trend.