Bitcoin shows weakness around the $110,000 level, while the strength of the rebound fades despite positive news on the 12-hour timeframe. The price shows a bearish arc indicating the likelihood of a deeper drop if it fails to break through $116,000.
The area around $105,000 has now become the last line of defense for buyers. If this level is broken, Bitcoin could quickly slide towards $100,000. The market is in a "calm before the storm" - either a strong rebound or a dramatic fall, and it's just a matter of time.
