Bitcoin Buyers Exhausted After Failing to Cross $108,000 Resistance

Bitcoin (BTC) buyers are showing signs of exhaustion after failing to cross the resistance zone between $108,000 and $108,350. The flagship cryptocurrency risks dropping below $105,000 due to a developing bearish divergence, declining volumes, and repeated failures to push past resistance levels. BTC is up nearly 2% during the ongoing session, trading around $107,455.

Bitcoin has made a strong recovery during the ongoing session, bouncing from Tuesday’s low of $105,328. The flagship cryptocurrency ended the weekend positively, rising almost 1% to cross $108,000 and settle at $108,360. However, it lost momentum on Monday, dropping 1.09% to $107,167. Sellers retained control on Tuesday as BTC slipped below $106,000 before rebounding to current levels.

Price action remains sluggish, and analysts have pointed out that Bitcoin realized profits for long-term holders remain significantly lower. According to on-chain analytics platform CryptoQuant, BTC must reach $140,000 to give long-term holders profits comparable to 2024. The flagship cryptocurrency has registered a jump in profit-taking as it struggles to maintain its positive price action. According to CryptoQuant, long-term holders have contributed to a substantial chunk of the ongoing selling pressure. The platform compared current realized profits with earlier bull market peaks, finding out that long-term holders are not “as deep in the black” as before. According to CryptoQuant contributor Darkfrost, the average realized profit based on the Market Value to Realized Value (MVRV) ratio currently sits at 220%.

According to Darkfrost, the price at which long-term holders' unrealized profits will match 2024 levels acts as a market magnet. The flagship cryptocurrency showed signs of exhaustion after crossing $108,000 on Monday and was rejected from the resistance zone. The resistance sits between $108,000 and $108,300, aligning with the upper level of the current trading range. BTC attempted to push higher, but remained pinned below this level. Analysts suggest the rally is losing momentum, with a bearish divergence forming. If sellers retain control, it could trigger a drop to $100,000.

BTC registered a sharp decline over the previous weekend, dropping 1.17% on Saturday and settling at $102,180. Bearish sentiment intensified on Sunday as the price plunged below $100,000, falling to a low of $98,385 before recovering to reclaim $100,000 and settling at $100,985. Bullish sentiment returned on Monday as BTC rallied, rising over 4% to reclaim $105,000 and settle at $105,443. Buyers retained control on Tuesday as the price rose 0.66%, crossing the moving averages and $106,000 to settle at $106,137. BTC continued pushing higher on Wednesday, rising 1.19% to cross $107,000 and settle at $107,397. Despite the positive sentiment, BTC lost momentum on Thursday, registering a marginal decline to slip below $107,000 and settle at $106,980.

Despite the selling pressure, BTC recovered, registering marginal increases on Friday and Saturday to reclaim $107,000 and settle at $107,339. Bullish sentiment intensified on Sunday as the price rose almost 1% to cross $108,000 and settle at $108,350. BTC was back in the red on Monday as the week started on a bearish note, dropping 1.09% to $107,167. Sellers retained control on Tuesday as the price fell 1.33%, slipping below $106,000 and settling at $105,742. BTC has recovered during the current session and is up over 2%, trading around $108,151.