Bitcoin’s price has once again struggled to surpass the $108K resistance level as the cryptocurrency market undergoes a correction at the start of the new week.
**Technical Analysis**
By Edris Derakhshi (TradingRage)
**The Daily Chart**
On the daily chart, the asset has failed to close above the $108K resistance level once more, despite briefly trading above it and reaching a new record high last Monday. Currently, the price is moving below the $100K level, potentially dropping towards the $92K area in the upcoming weeks. With the RSI falling below 50%, the momentum on the daily chart is bearish, indicating a likely short-term correction.
**The 4-Hour Chart**
The 4-hour chart shows a decisive rejection at the $108K resistance level, and the market has not returned to this level since. As a result, the cryptocurrency has started to decline today, breaking below the $100K level. However, the RSI is showing an oversold signal, suggesting a bullish pullback might occur before any further declines.
**On-Chain Analysis**
By Edris Derakhshi (TradingRage)
**Bitcoin Coinbase Premium Gap**
With Bitcoin’s increasing adoption in the US, American investors significantly influence market dynamics with their buying and selling behaviors. The Coinbase premium index offers valuable insights into US investors’ sentiment by calculating the price difference between Coinbase’s BTC/USD and Binance’s BTC/USDT pairs. Since early 2025, this index has indicated negative values, suggesting aggressive selling by American investors, a likely factor in Bitcoin’s struggle to rally. If this trend persists, further corrections can be expected.
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