(MENAFN- Daily Forex)

• Bitcoin remains range-bound near $110,000, forming potential resistance as sellers defend prior support.
• With price caught between the 50-day and 200-day EMAs, volatility and uncertainty persist until a breakout above $116,000 or a drop below $107,000 clarifies direction.

Bitcoin began Friday's session by pushing higher but ultimately gave back its gains. The market appears to be forming a potential shooting star pattern near the $110,000 level, an area that has proven significant multiple times. Previously acting as support, it is now showing signs of market memory as sellers begin to defend it.

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The cryptocurrency currently trades between the 50-day EMA above and the 200-day EMA below, a setup that typically leads to choppy, indecisive movement. Many traders remain cautious about risk appetite and whether it's wise to commit heavily to riskier assets such as Bitcoin. For now, there seems to be a lid on upward momentum in the short term. Ultimately, this is a market that seems“lost.”

EURUSD Chart by TradingViewOn a Move Higher...

If Bitcoin can break above the 50-day EMA and clear the $116,000 level, it would likely trigger a bullish move toward $120,000, and possibly even $125,000. Conversely, if the price drops below $107,000, that could open the door to a deeper decline toward the $100,000 support level. This is an area that matters a lot to people

Despite global uncertainty, Bitcoin has shown relative stability in recent weeks, which is noteworthy. However, the market has not displayed strong bullish conviction either. At present, Bitcoin appears to be in a state of flux, and trading will likely remain challenging until a decisive breakout above $116,000 confirms a push toward new highs. This is a market that has been bullish in the past, but we are now in a world that is dealing with a lot of questions when it comes to risk appetite.

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