Bitcoin Recovery Falters — Weak Volume Signals Possible Exhaustion of Buyers
Bitcoin price failed to recover above $107,000 and has begun trimming gains. A break below a bullish trend line at $104,200 and trading below the 100 hourly SMA indicate further potential declines if BTC falls beneath the $102,500 support zone. Major support lies at $102,500 and $101,200, while resistance levels include $104,000 and $105,500. The main support sits at $100,000, and a failure to hold above might hinder recovery.
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Bitcoin Fails to Recover Above $107,000
Bitcoin price struggled to maintain momentum, failing to recover above $107,000. After the decline, BTC is now trimming gains and showing potential for further downside if it falls below the critical $102,500 support level.
Recent Decline and Break Below Trend Line
The cryptocurrency began a fresh decline after failing to clear $107,000, with prices trading below $105,500 and the 100 hourly Simple Moving Average (SMA). Additionally, a bullish trend line was broken at the $104,200 support level, as observed on the hourly BTC/USD chart (data feed from Kraken). If BTC settles below the $102,500 zone, it might continue its move downward.
Resistance Levels and Potential Recovery
Bitcoin price attempted a recovery above $105,000, briefly rising above $105,500 and $106,000 resistance levels. However, bears remained active near the critical $107,000 zone. A high of $107,400 was recorded before the price started dropping again. Resistance levels to watch include $104,000, $104,750, and potentially $105,500, where a close above it could push the price toward $107,000 or even $107,500 in the near term. Further gains might target $108,800 and $109,500.
Key Support Levels and Risks of Further Decline
If Bitcoin fails to break through $105,000, another decline may ensue. Immediate support lies near $102,800, followed by significant support around $102,400, which aligns with the 61.8% Fibonacci retracement level of the previous upward move from $99,222 to $107,400. Additional support areas include $101,200 and $100,200, while the major psychological threshold rests at $100,000. Falling below this level may make recovery particularly challenging.
Technical Indicators Overview
- Hourly MACD: Currently accelerating in the bearish zone.
- Hourly RSI: Below the 50 level, signaling weakening momentum.
Major Support Levels: $102,500, $101,200
Major Resistance Levels: $104,000, $105,000