Bitcoin Slides Back to $100K — Is the Parabolic Run Finally Cracking?
Bitcoin price is showing bearish momentum below the $103,500 resistance level and may continue to decline if it cannot break through key resistances. BTC fell sharply below $105,000 and $100,000, hitting a low of $98,900. Key resistances are at $103,500 and $105,000, while immediate support levels stand at $100,200 and $98,800. A continued bearish trend could push the price towards $96,200 or $95,500. Technical indicators like the hourly MACD and RSI also suggest bearish momentum.
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Bitcoin Enters a Bearish Zone
Bitcoin price is losing momentum, trading below the critical $103,500 resistance level. BTC has started a fresh bearish decline, falling below the $105,000 support zone. Currently, the price is trading under $104,000 and the 100 hourly Simple Moving Average (SMA), with a bearish trend line forming resistance around the $103,500 level on the hourly BTC/USD chart (Kraken data feed). If Bitcoin remains below this resistance, it might continue its downward trajectory, potentially settling under the critical $100,000 zone.
Recent Bitcoin Price Dips
Bitcoin failed to hold the $105,500 support level, triggering a fresh wave of declines. The cryptocurrency dropped below $104,000, $103,500, and eventually breached the $100,000 support, bottoming out at $98,900. Currently, it is consolidating losses around the 23.6% Fibonacci retracement level of the downward move from the $111,000 swing high to the $98,900 low. Key indicators, such as the trading price below $104,000 and the 100 hourly SMA, further cement the bearish outlook.
Resistance Levels for Recovery
If Bitcoin attempts a recovery, the $102,000 level will act as the initial resistance point. A stronger barrier can be found at $103,500, aligned with the bearish trend line on the hourly chart. The next significant resistance lies at $105,000, which coincides with the 50% Fibonacci retracement level. A close above this level could open the path toward $106,400, $107,500, and eventually $108,500 or $108,800. Sustained bullish momentum is required for these levels to be tested.
Potential for Further Declines
In the event that Bitcoin fails to rise above the $103,500 resistance, further losses may occur. Immediate support is seen close to $100,200, with the first major support at $100,000. Below this level, support shifts to $98,800, and continued declines could push the price down to $96,200. The primary support zone is at $95,500, and any breach below this level could make recovery increasingly difficult for BTC in the short term.
Technical Indicators Summary
- Hourly MACD: Currently gaining momentum in the bearish zone.
- Hourly RSI (Relative Strength Index): Positioned below the critical 50 level, indicating bearish momentum.
- Major Support Levels: $100,200, followed by $100,000.
- Major Resistance Levels: $103,500 and $105,000.