Bitcoin Price Declines Further — Is Additional Decline Ahead?
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The value of Bitcoin has entered a new decline, approaching the $104,600 mark. Currently, BTC seems to be stabilizing and facing challenges to rise above $107,500.
- Bitcoin has begun a new decline below the $107,500 threshold.
- The value remains beneath $107,000 and the 100-hourly simple moving average.
- A bearish trend line is developing with resistance around $107,550 on the hourly chart of the BTC/USD pair.
- This could lead to further losses should the price break below $104,000 support.
Bitcoin Price Continues to Decrease
The Bitcoin price has resumed its decline, falling beneath the $107,500 support level. It even dipped below $105,600, hitting the next support zone at $104,600.
A low of $104,604 was recorded, and the market is now consolidating its losses. Although there was a brief rise past $105,200, the price is still under the 23.6% Fibonacci retracement level from the decline between $110,500 and $104,604.
BTC is trading below $107,000 and the 100-hourly simple moving average. Immediate resistance is observed near $106,000.
Key resistance is identified at $107,000. If this is surpassed, $107,500 could act as another resistance level. A bearish trend line forming with resistance around $107,550 is evident on the hourly chart, aligning closely with the 50% Fibonacci retracement from the recent decline.
A successful close above the $107,500 barrier could push the price even higher. This scenario may lead to testing the $108,000 resistance point. Continued gains could propel the price towards $110,000.
Is Another BTC Drop Likely?
If Bitcoin is unable to breach the $107,500 resistance level, a further decline may ensue. Immediate support is around the $104,500 level, while significant support lies at $104,000.
The following support level is near $103,200. Additional losses could steer the price down to the $102,500 support in the near future. The primary support level is established at $101,200, beneath which BTC may experience increased bearish momentum.
Technical indicators:
Hourly MACD – Currently gaining momentum in the bearish territory.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Significant Support Levels – $104,000, followed by $103,200.
Significant Resistance Levels – $106,000 and $107,000.
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