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Bitcoin Struggles Near $110K as Analysts Warn of Soft Reversal
- Bitcoin is struggling near $110,000 as analysts warn of a potential soft reversal due to weakening momentum and rising short pressure.
- Michaël van de Poppe suggests a likely correction after Bitcoin's failure to break cleanly above $110K, attributing it to geopolitical uncertainty.
- Van de Poppe remains cautiously optimistic, highlighting $106,000 as a critical short-term support level.
- Axel Adler Jr. points to declining open interest and aggressive short volume as signs of a potential soft reversal, with Bitcoin facing consolidation below $108,000.
- Key levels to watch include immediate resistance at $110,000 and key support at $106,000 to avoid deeper correction.
- Futures sentiment suggests a potential cooldown phase or broader repositioning as open interest drops and short positions rise.
- Analysts advise caution in the short term as volatility increases and BTC consolidates within a tightening range.
- Bitcoin continues to target $120,000 while altcoins signal historic breakout potential.
- The article emphasizes the importance of staying cautious amidst the current market conditions.
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