The price of Bitcoin has started to decline again below the $105,000 area. BTC is down nearly 5% and is trying to close below the $100,000 support area.
Bitcoin has started to decline again from the resistance area of $108,000.
The price is below $104,000 and the 100-hour simple moving average.
A connecting bearish trend line has formed on the hourly chart of BTC/USD, with resistance at $102,000 (data from Kraken).
If the currency pair stays above the support area of $98,000, it may begin a new round of upward movement.
Bitcoin price is under pressure
The price of Bitcoin attempted to break through the resistance level of $108,000 but failed to continue rising and showed a downward reaction below $105,000.
The price has clearly fallen below the support level of $102,500. The price even fell below $100,000. The low was formed at $98,728, and the price is currently consolidating the decline. A connecting bearish trend line has also formed on the hourly chart of BTC/USD, with resistance at $102,000.
The price of Bitcoin is currently below $104,000 and the 100-hour simple moving average. On the upside, the price may face resistance around $100,500. It is close to the 23.6% Fibonacci retracement level of the downward move from $108,297 to $98,728.
The first key resistance level is near $101,000 and the trend line. If it can break clearly above the $101,000 resistance level, the price may rise further. The next key resistance level may be $102,250. If the closing price is above the $102,250 resistance level, the price may rise further.
In this scenario, the price may rise and test the resistance level of $103,500 or the 50% Fibonacci retracement level of the downward move from the high of $108,297 to the low of $98,728. If it rises further, the price may drop to the level of $106,000.
Are there still many downsides for BTC?
If Bitcoin fails to break through the resistance area of $101,000, it may continue to decline. The immediate support level on the downside is around $98,500.
The first major support level is around $98,000. The next support level is currently near the $96,200 area. If the price continues to decline, it may fall to the support level of $95,500 in the short term.
Technical Indicators:
Hourly MACD - The MACD is currently accelerating in the bearish zone.
Hourly RSI (Relative Strength Index) - The RSI for BTC/USD is now below the 50 level.
Main support level - $98,000, followed by $96,500.
Major resistance levels - $101,000 and $102,000.