Bitcoin Bulls Eager to Surge Above $108,000, But Sellers Put up a Serious Fight (Market Watch)

Bitcoin’s price has been attempting to break above the $108,000 level on a few occasions throughout the past 48 hours, showcasing the bull’s eagerness to explore higher highs.

However, the sellers have also been defending the mark vigorously and have so far prevented any upside, but will they prevail?

Bitcoin Double Taps $108K

As CryptoPotato reported earlier today, the primary cryptocurrency tapped the important level at $108,000 on multiple separate occasions in the past 24 hours, but fell short each time.

At the time of this writing, the price is trading at around $107,500, and it’s interesting to see if the bulls will be able to break above.

This is clearly becoming an important level to watch, as both buyers and sellers are committing serious resources here. If the buyers are able to keep going, this could consume the seller-side liquidity at around $108K and pave the way for a move upwards. Of course, the opposite is also not out of the picture.

However, it’s also important to note that the cryptocurrency managed to successfully reclaim its 50-day exponentioal moving average, which, according to many analysts, is widely regarded as a critical technical indicator that’s oftentimes used as support during corrections in a broader bullish trend. Reclaiming this level is historically followed by bullish continuation, so let’s see if it plays out again.

Altcoins Paint a Mixed Picture

The wide majority of altcoins are thrading in the red in the past 24 hours, with a few certain exceptions that are mostly trading at the same price they were before that, failing to chart any considerable increases.

As you can see in the heatmap below, Bitcoin Cash is one of the best performers and it’s up by almost 4% on the day.

That said, many of the large-cap cryptocurrencies such as HYPE, ADA, DOGE, SUI, HBAR, DOT, and others, are down between 2% and 5% for the same period.