Bitcoin Price Prediction: BTC Targets $108K as Bulls Attempt to Flip $105.8k Resistance into Support

The Bitcoin price recorded a minor loss in the last 24 hours to trade at $104,311.27 as of 10:03 p.m. EST as some investors decrease their exposure to the crypto.

The Bitcoin price dropped slightly over the past 24 hours to trade at $104,311.27 at 10:03 p.m. EST as some investors decreased their exposure to the crypto.

The slight decrease in the BTC price comes after European Central Bank President Christine Lagarde suggested that the Czech National Bank was unlikely to approve adopting a reserve based on the largest crypto by market cap.

Speaking to the press on Jan. 30, Lagarde said the European Council has the view that a reserve for the bank needs to be “liquid, secure and safe.”

Bitcoin Price Hits Resistance

4-hour chart for BTC/USDT (Source: TradingView)

An ascending triangle pattern that formed on BTC’s 4-hour chart was validated in the last 48 hours, resulting in a break above the $102,964.28 resistance level. The Bitcoin price is now attempting to breach the subsequent barrier at $105,887.52. Should the leading crypto close a 4-hour candle above this threshold within the next 12 hours, it might rise to $108,810.76.

On the other hand, a rejection from the $105,887.52 resistance might stop BTC in its tracks. In this alternative case, the Bitcoin price could end up retesting the $102,964.28 mark, but as support this time. In an extremely bearish scenario, the crypto’s price might even plummet to as low as $98,063.55 if the sell pressure persists.

Technicals Warn The Bitcoin Price Might Undergo A Pullback

From a technical standpoint, indicators on BTC’s 4-hour chart warn the leading crypto’s price might undergo a pullback in the coming 24 hours. More specifically, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are showing bearish signs.

In recent hours, the MACD line has started to collapse towards the MACD Signal line. This narrowing gap with the current orientation of the two indicators suggests BTC’s positive trend has reached a peak and is starting to transition towards a bearish cycle. If the margin continues to shrink, the two lines could end up crossing to confirm the start of a negative trend.

Meanwhile, RSI values have plummeted as well to indicate a sharp drop in buyer strength. Now, the RSI is on the verge of crossing below its Simple Moving Average (SMA) line. This specific technical event might be seen as a sign that sellers have taken over control of the Bitcoin price, which could be followed by a drop in the market leader’s value.

While Bitcoin technicals flash bearish, the presale for crypto wallet token Best Wallet (BEST) is surging towards $9 million. This strong ICO performance comes amid a series of bullish predictions by experts. Among them is Crypto Gains, a YouTuber with over 141K subscribers, who said that BEST could potentially soar 10X after its launch.

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