Bitcoin Price Retreats to Support Level: Chance or Red Flag?
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The price of Bitcoin has begun a new upward movement beyond the $102,500 mark. Currently, BTC is undergoing a correction and trading under the $103,500 resistance level.
- Bitcoin initiated a robust rise past the $102,500 resistance level.
- The current trading price is below $104,000 and beneath the 100-hour Simple Moving Average.
- A decline was noted below a newly formed bullish trend line, which had support around $103,900, as observed on the hourly BTC/USD chart.
- The pair could begin another upward movement if it surpasses the $103,500 resistance level.
Bitcoin Price Adjusts Some Gains
Bitcoin’s price has started a new rise from the support level of $98,500. BTC established a foundation and broke through the $100,000 resistance barrier. There was even an upward surge past $103,000.
The pair peaked over $105,500, reaching $105,800. The highest recorded was $105,728, and the price is now experiencing a correction. It dipped below the 23.6% Fibonacci retracement level of the increase from the swing low of $95,825 to the high of $105,728.
A decline below the newly established bullish trend line with support at $103,900 was observed on the hourly BTC/USD chart. Currently, Bitcoin is trading below $104,500 and the 100-hour Simple Moving Average.
Nonetheless, buyers are active near the $100,800 support level, defending the 50% Fibonacci retracement level from the upward move starting at $95,825 swing low and peaking at $105,728. Immediate resistance lies around the $103,500 mark, with the first significant resistance near $104,000.
The subsequent key resistance could be at $105,000. A closing effort beyond this level might propel the price even higher. In this scenario, it could rally to test the resistance at $106,000. Further gains could push the price as high as $108,000.
Potential Further Declines For BTC?
If Bitcoin cannot ascend past the $103,500 resistance level, it may initiate another downward trend. Immediate support on the downside is positioned around $101,500, with the primary significant support near $100,800.
The next support level is around $100,000. Additional losses could see the price move towards the support level at $98,800 in the near future, while the key support level remains at $97,500.
Technical indicators:
Hourly MACD – The MACD is losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently beneath the 50 threshold.
Major Support Levels – $101,500 followed by $100,800.
Major Resistance Levels – $103,500 and $105,000.
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