Bitcoin recently faced resistance at the $109,400 level, indicating significant selling pressure. The rejection at this level has shifted market focus to the next critical support level at $91,700. Analysts suggest that market participants may be hesitant due to profit-taking or concerns of overvaluation. The MVRV pricing bands show that Bitcoin's price is currently above the realized value, suggesting it may be inflated and due for a correction. The $91,700 support level will be crucial, as a failure to hold it could lead to further downside. However, if Bitcoin can bounce back, it may retest the $109,400 resistance.



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