Bitcoin Drops Below $108,000 Amid Global Conflict Fears

Bitcoin's price has recently shown signs of a fresh increase, surpassing the $107,000 mark and reaching as high as $108,898. However, the cryptocurrency has struggled to maintain its momentum, correcting gains and trading below $108,000. This struggle comes amid rising global conflict fears, which have kept bears active in the market.

The price of Bitcoin initially climbed above key resistance levels at $105,500 and $106,200, entering a positive zone. However, the upward trend was halted, and the price dipped below the $108,000 level. There was also a break below a bullish trend line with support at $107,800 on the hourly chart of the BTC/USD pair. Despite this, Bitcoin is currently trading above $106,800 and the 100 hourly Simple moving average.

On the upside, immediate resistance is near the $107,600 level, with the first key resistance near $108,000. If Bitcoin can close above the $108,800 resistance, it could potentially test the $110,000 resistance level and even rise towards the $112,000 level. However, if Bitcoin fails to rise above the $108,000 resistance zone, it could start another decline. Immediate support is near the $106,700 level, with the first major support near $106,200. Further losses could send the price towards the $105,500 zone, and even as low as $103,500 in the near term. The main support sits at $102,000, below which Bitcoin might gain bearish momentum.

Technical indicators suggest that the Hourly MACD is now gaining pace in the bearish zone, while the Hourly RSI (Relative Strength Index) for BTC/USD is near the 50 level. Major support levels are at $106,700 and $105,500, while major resistance levels are at $107,600 and $108,000.

Analysts have noted that the rising global conflict fears have contributed to the bearish sentiment in the market, making it difficult for Bitcoin to maintain its upward momentum. The cryptocurrency's price has been volatile in recent weeks, with gains being quickly followed by corrections. Despite this, some analysts remain optimistic about Bitcoin's long-term prospects, citing its limited supply and increasing adoption as potential catalysts for future price appreciation.