Bitcoin’s Price Weakens Further
Bitcoin (BTC) has entered another downward trend, with its price falling below the $105,000 zone. Currently, the cryptocurrency has registered a nearly 5% loss and is struggling to hold above the critical $100,000 support.
Key Support and Resistance Levels
Bitcoin failed to break through the $108,000 resistance and subsequently declined, breaching the $102,500 support level and even $100,000.
At present, BTC is consolidating losses around $98,728, with a bearish trendline visible on the hourly chart, showing resistance near $102,000. The price is trading below $104,000 and the 100-hour simple moving average.
Potential Upside Scenarios
If Bitcoin begins to recover, it could face resistance at these levels:
$100,500: Close to the 23.6% Fibonacci retracement of the recent drop.
$101,000: A key level tied to the trendline.
$102,250: A breakout above this level could lead to a rise toward $103,500, aligning with the 50% Fibonacci retracement of the downward move.
If bulls gain momentum, the price could further increase to test the $106,000 resistance.
Risk of Further Decline
If Bitcoin fails to clear the $101,000 resistance zone, it may continue its downward movement. Key support levels include:
$98,500: Immediate support.
$98,000: Major support level.
$96,200: Next critical support zone.
Further losses could push the price down to $95,500.
Technical Indicators
Hourly MACD: Gaining momentum in the bearish zone.
Hourly RSI: Below 50, indicating seller dominance.
Key Support Levels: $98,000, followed by $96,500.
Key Resistance Levels: $101,000 and $102,000.
Bitcoin is currently consolidating losses, and while a short-term rebound is possible, a further decline remains likely unless bulls can break through critical resistance levels.
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