Bitcoin’s Cryptic Dance: Will It Samba to $112K or Salsa Back to $100K?
On the daily chart, bitcoin (BTC) has been pirouetting between $105,000 and $107,000 following a sharp correction from a peak of $112,000 to a low of $100,426. This range-bound behavior comes with weakening bullish volume, indicating indecision among market participants. A bearish engulfing pattern combined with red candlesticks on high volume underscores the recent downtrend. However, if bitcoin breaks and closes above $107,500 with conviction, this could reignite bullish momentum, with a potential target between $110,000 and $112,000.