Bitcoin Prices Remain Within a Range — Short-Term Downward Pressure Increases
Reasons for Confidence
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The price of Bitcoin has initiated a new rise, approaching the $105,000 mark. Currently, BTC is experiencing a correction with a slight bearish trend below $103,500.
- Bitcoin is undergoing a correction after reaching the $105,000 resistance level.
- It is trading below $103,800 and under the 100-hour Simple Moving Average.
- A decline occurred below a crucial bullish trend line, with support around $103,600 on the hourly chart for the BTC/USD pair.
- The pair may experience further declines if it remains under the $105,000 threshold.
Bitcoin Price Pulls Back
The price of Bitcoin began a fresh upward movement from the support level of $102,500. BTC constructed a solid foundation and surpassed the $103,500 barrier, even pushing above $104,200.
The price ascended toward $105,000, reaching a peak of $104,980 before correcting. It then dipped beneath the 23.6% Fibonacci retracement level of the rally from the swing low of $100,772 to the peak of $104,980.
Additionally, there was a breach below a bullish trend line, which had support at $103,600 on the hourly BTC/USD chart. Currently, Bitcoin is trading below $103,500 and the 100-hour Simple Moving Average.
Nevertheless, buying activity has emerged around the $102,850 mark near the 50% Fibonacci retracement level corresponding to the ascent from $100,772 to $104,980. Immediate resistance can be found at $103,600, while a significant resistance level lies at $104,200.
The next significant resistance level may be at $105,000. Surpassing this resistance could propel the price to $106,500. Continued gains may lead the price toward the $108,000 range.
Potential Further Declines for BTC?
Should Bitcoin fail to breach the $104,200 resistance level, another downward correction could commence. Immediate support lies near $102,850, with the first major support at approximately $101,750.
The subsequent support level is around the $100,500 area. Additional losses could drive the price toward the $100,000 support in the near term, with the principal support located at $98,800.
Technical indicators:
Hourly MACD – The MACD is gaining momentum within the bearish territory.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD has fallen below the 50 mark.
Key Support Levels – $102,850, followed by $101,750.
Key Resistance Levels – $104,200 and $105,000.
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