Bitcoin Faces Correction: Technical Breakdown Raises Risk of Reaching $108K

Bitcoin price experienced a decline after failing to hold above its 50-day simple moving average, dropping 4.7% over the past month and 4.66% in the last 24 hours. This shift indicates a change in momentum following weeks of sideways trading. Analysts attributed this weakness to a failed attempt to break through resistance near $116,000, which followed an all-time high close to $124,457 earlier this month.