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Key Bitcoin Resistance Levels to Watch as It Bounces Off the 21 EMA

Key Bitcoin Resistance Levels to Watch as It Bounces Off the 21 EMA
According to an analyst, Bitcoin has bounced off the 21-day EMA and key resistance levels to watch for a potential upsurge are at $103,000, $106,400, and $108,500. However, there are concerns about a CME gap between $80,500 and $77,500, which could act as a bearish target if Bitcoin faces a downturn. Veteran market analyst Peter Brandt points to a possible Head and Shoulders formation on the daily chart, suggesting a decline to $73,000, but cautions against relying too heavily on chart patterns for precise predictions. Analytics firm Glassnode identifies $88,000 as a critical price level for Bitcoin, and a sell-off at this level could trigger significant price declines. The next major support level is seen near $73,000, which is described as "free fall territory" by another market expert.

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