Bitcoin price is below $103,500 and rising at a bearish pace. If BTC falls below the $103,500 resistance level, BTC could continue its decline.
- Bitcoin has started a new decline below the $105,000 support.
- Price is trading below $104,000 and the 100 hourly simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) has a bearish trendline forming resistance at $103,500.
- If it breaks below the $100,000 zone, the pair could continue to fall.
Bitcoin price falls again
Bitcoin price failed to break above the $105,500 support level and a new decline began. BTC fell below $104,000 and $103,500 and entered the bearish zone.
The decline was so severe that the price soared below the $100,000 support. A low was formed at $98,900 and the price is currently consolidating losses near the 23.6% Fib retracement level of the decline from the swing high of $111,000 to the low of $98,900.
Bitcoin is currently trading below $104,000 and its 100-hour simple moving average. If the bulls attempt a wave of recovery, the price may face resistance near the $102,000 level. The first major resistance level is near the $103,500 level. There is also a bearish trend line forming resistance at $103,500 on the hourly chart of the BTC/USD pair.
The next resistance level could be $105,000 and the 50% Fib retracement level of the decline from the swing high of $111,000 to the low of $98,900. If the price closes above the $105,000 resistance level, the price could move higher. In the above case, the price may rise and test the $106,400 resistance level. Further upside could push the price closer to the $107,500 level. The next hurdles for the bulls could be $108,500 and $108,800.
Further losses for BTC?
If Bitcoin fails to rise above the $103,500 resistance zone, the decline could continue. Immediate support is near the $100,200 level. The first major support is near the $100,000 level.
The next support is currently located near the $98,800 zone. Any further losses could send the price towards the $96,200 support in the near term. The main support lies at $95,500, below which BTC may struggle to recover in the short term.
Technical indicators:
Hourly MACD – The MACD is currently pacing in the bearish zone.
Hourly RSI (Relative Strength Index) – BTC/USD’s RSI is currently below the 50 level.
Major support levels – $100,200, followed by $100,000.
Key resistance levels – $103,500 and $105,000.
