Bitcoin’s price faced resistance near $107,000 before correcting lower. Currently, BTC is approaching the $100,000 mark and may attract buyers in the short term.
- Bitcoin initiated a downward correction from the $107,000 area.
- The price is now trading below $103,500 and the 100-hourly Simple Moving Average.
- A bullish trend line with support at $104,800 was breached on the hourly chart of the BTC/USD pair.
- If the price remains above the $100,000 support zone, a new uptrend could begin.
Bitcoin Price Sees Decline
Bitcoin’s price saw an upward movement above $105,500, surpassing levels like $106,000 and $106,500.
Despite reaching $107,000, the bears took control, resulting in a correction with the price dropping below $105,000.
Furthermore, a connecting bullish trend line support at $104,800 was broken on the hourly chart of BTC/USD, leading to a test of the $100,700 level. After hitting a low of $100,700, the price is now consolidating losses.
Currently, Bitcoin’s price is below $103,500 and the 100-hourly Simple Moving Average. Immediate resistance is seen near $102,200, followed by $104,000.
The first significant resistance is at $104,000, close to the 50% Fib retracement level. A successful break above this level could push the price towards $105,000.
A close above $105,000 could signal further upside potential, with a possible test of the $106,200 resistance level and potentially reaching $107,000.
Possible Downside for BTC
If Bitcoin fails to break above the $102,200 resistance, a downside correction might start, with immediate support near $100,500 and a major support level at $100,000.
Additional support is around $88,500, and further losses could see the price declining towards $86,500 in the near future.
Technical indicators:
Hourly MACD – Moving Average Convergence Divergence is showing bearish momentum.
Hourly RSI – The Relative Strength Index for BTC/USD is currently below 50.
Key Support Levels – $100,500, $100,000
Key Resistance Levels – $102,200, $104,000
