The market value of Bitcoin fell further and reached the $97,650 area. BTC is now rebounding from the losses and could encounter obstacles around the $103,000 mark.
- Bitcoin initiated a downward correction below the $103,000 threshold.
- Currently, the price is under $103,200 and the 100-hourly Simple Moving Average.
- A bearish trend line is emerging with resistance at $103,000 on the BTC/USD hourly chart (data sourced from Kraken).
- If the pair remains below the $103,500 range, it may experience another decline.
Bitcoin’s Value Drops Further
The price of Bitcoin started a new decrease below $105,000 and $103,500. BTC even slipped beneath $100,000 before witnessing bullish activity. It hit a low of $97,688 and is now recovering from the losses.
There was an upward movement past $99,500 and $100,000. Bulls managed to push the price above the 23.6% Fibonacci retracement level of the recent downtrend from the $107,080 peak to the $97,688 low. However, selling pressure is noticeable near the $102,000 area.
Bitcoin’s price is currently below $103,200 and the 100-hourly Simple Moving Average. The primary resistance lies near $102,350 or the 50% Fibonacci retracement level from the $107,080 peak to the $97,688 low.
The initial key resistance point is around $103,000. Furthermore, a bearish trend line is taking shape with resistance at $103,000 on the BTC/USD hourly chart.
The next significant resistance could be at $104,200. If the price breaks above this level, it could see further gains. This scenario may lead to a test of the $105,500 resistance level, with potential further gains toward $107,000.
Possible Further Declines in BTC
If Bitcoin struggles to surpass the $103,000 resistance region, it might initiate a new decline. The immediate support level on the downside is close to $100,500, followed by a major support at $100,000.
Currently, the subsequent support is approximately $88,500. Further losses could drive the price towards the $86,500 support level in the near future.
Technical Indicators:
Hourly MACD – The MACD is showing a slowdown in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.
Key Support Levels – $100,500, then $100,000.
Key Resistance Levels – $102,200 and $103,000.
