The resistance zone at $107,200 proved to be challenging for Bitcoin’s price. Currently, BTC is undergoing a correction and could potentially revisit the support zone at $100,000.
- Bitcoin initiated a downward correction from the $107,200 level.
- Trading below $104,500 and the 100-hourly Simple Moving Average, the price faces obstacles.
- An important bearish trend line is taking shape with resistance at $103,650 on the hourly chart of BTC/USD (data feed from Kraken).
- A potential upsurge awaits if the pair manages to sustain above the $100,500 support zone.
Bitcoin Experiences Price Decline Once Again
The price of Bitcoin began a notable upward movement above the $103,500 threshold, successfully surpassing $104,500 and $105,000 levels.
Despite climbing past $106,000, the bears exerted pressure near the $107,200 zone, resulting in a peak at $107,200 and subsequent correction in price. This led to a drop below $105,000.
Following this decline, Bitcoin’s price is currently situated below $104,500 and the 100-hourly Simple Moving Average.
The immediate resistance lies near $103,000, with a key resistance at $103,500. Additionally, a crucial bearish trend line with resistance at $103,650 is developing on the hourly BTC/USD chart.
A breakthrough above the $104,500 resistance level may propel the price further upwards, potentially testing the $107,200 resistance and setting a new all-time high. Subsequent gains could elevate the price towards $112,500.
Potential Further Losses for BTC?
If Bitcoin fails to breach the resistance zone at $104,000, a downward correction could ensue. The immediate support on the downside resides near $101,750 or the 76.4% Fib retracement level.
The primary support level rests at $100,500, followed by a subsequent support at $100,000. Extended losses may drive the price towards the $88,500 support in the near future.
Technical indicators:
Hourly MACD – Currently indicating an incline in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level.
Key Support Levels – $101,650, with further support at $100,500.
Key Resistance Levels – $103,650 and $104,500.
