Recent analysis highlights Bitcoin’s struggle to break through a key resistance near $110,700, prompting concerns about a potential price drop. Despite multiple attempts to clear this level, sellers have consistently intervened, resulting in Bitcoin’s current trading at around $111,322, holding just below the resistance zone. Charts suggest a downward trend originating in mid-August, marked by repeated rejections at the top of this channel. Market expert Ali points out that this resistance has been tested repeatedly but remains un breached. ″Multiple wicks at this level signal rejection,″ he noted on X, implying a potential price movement toward $107,200 or even $103,000 if pressure increases. Heavy sell orders near $112,700 are contributing to the downward pressure. This level has acted as a ceiling, slowing any upward move. Trader Ted highlights the significance of this price point: “If Bitcoin can reclaim $112,700, more upside is likely.” However, if it fails to break through, support levels near $107,000 are likely to hold. Binance inflows have reached record highs, according to recent data. Historical comparisons show similar surges correlated with bullish price movements in the past. Rekt Fencer, a well-known crypto commentator on Twitter, points out that “Historically, this happens ONLY before BTC makes new highs.” However, these increased inflows might also indicate selling pressure. 4-hour chart data shows Bitcoin trading within a range between $105,000 and $114,000 since August 27th, with the $112,700 zone acting as a barrier to upward momentum. Short-term direction hinges on whether this resistance breaks through or not. A clean break above this level could open the way for targets of $114,000 and $117,000. However, without a break above this key resistance, the price is likely to remain stuck between support and resistance. ″Disclaimer: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing,” the original article reads.