Bitcoin Price Rejected at $110,000, Analysts Predict Potential Drop

Bitcoin's recent price action has left investors and analysts alike wondering what's next for the cryptocurrency. After being rejected at $110,000, BTC's price has dropped to around $107,800, sparking concerns about a potential breakdown.

The hourly chart shows that a bullish trendline was broken near $108,200, and the current price is trading below the 100-hourly Simple Moving Average (SMA). Key indicators such as the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) are also bearish.

Support levels for BTC include $107,500, $106,500, $105,500, and $104,200, while resistance levels are at $108,500, $109,200, $110,000, and the $112,000-$115,000 range. Market psychology suggests that fear of rejection is currently driving the market, but a breakout above $110,000 could spark a new rally.