Bitcoin is showing signs of weakness, failing to overcome the critical resistance zone at $110,700. Price fluctuations are expected.
Bitcoin Weakness at $110,700
Bitcoin is facing difficulties attempting to break the resistance level around $110,700. The price has touched this level multiple times but has followed each attempt with a pullback, signaling significant seller activity. Currently, Bitcoin is trading at $111,322.
Challenges at $112,700
Order book data shows a wall of sell orders at $112,700, acting as a key barrier. A trader noted that a reclaim of $112,700 could open the way for targets at $114,000 and $117,000. Otherwise, support at $107,000 may be tested.
Record Exchange Inflows and Their Impact
Data from Binance indicates that Bitcoin inflows have reached record levels. Historical patterns suggest that such spikes often precede strong price increases. While high inflows may signal selling pressure, they can also suggest accumulation by large buyers.
The short-term direction of Bitcoin's price relies on breaking the resistance level. If support at $107,200 fails, the next target may be $103,000.
