Bitcoin Drops Again After Failed Recovery — $100K Support Now in Focus
Bitcoin's price failed to recover above $105,000 and continues to face downward pressure, trading below key resistance levels. A bearish trend line with resistance near $103,300 is forming, while support zones are identified at $101,200, $100,500, and $100,000. If BTC fails to break the $103,500 resistance, it risks further declines toward $98,800 or lower. On the upside, overcoming $103,500 could test resistance levels at $105,000 and $105,500. Technical indicators show bearish momentum with the MACD in a negative zone and RSI below 50.
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Bitcoin Price Faces Resistance
Bitcoin price failed to recover above $105,000. BTC is trimming gains and might continue to move down if it trades below $101,200.
- Bitcoin started a fresh decline after it failed to clear $105,500.
- The price is currently trading below $105,000 and the 100 hourly Simple Moving Average (SMA).
- Furthermore, there is a bearish trend line forming with resistance at $103,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might continue to move down if it settles below the $101,200 zone.
Recent Price Action and Key Levels
Bitcoin price failed to stay in a positive zone above the $105,500 pivot level. BTC bears remained active and pushed the price lower:
- The last swing high was formed at $107,400 before a fresh decline began.
- There was a significant price drop below the $105,000 and $104,000 levels.
- The price also dipped below the 61.8% Fibonacci retracement level of the upward move from the $99,220 swing low to the $107,400 high.
Currently, Bitcoin is trading below $104,000 and the 100 hourly Simple Moving Average. Additionally, a bearish trend line is forming near resistance at $103,300 on the hourly chart.
Potential Recovery Scenarios
If the bulls attempt another recovery, the following resistance levels are critical:
- The price may face initial resistance near $102,500.
- The first key resistance lies around $103,250 and the trend line.
- The next resistance is expected at $103,500.
A close above $103,500 might open the door for a greater recovery:
- Breakage of this level could push Bitcoin up to test the $105,000 resistance.
- Surpassing $105,000 may lead to further gains, possibly moving toward $105,500.
- In an extended bullish scenario, Bitcoin could face resistance at $106,800 and $107,000.
Risks of Further Losses
If Bitcoin fails to rise above the $103,500 resistance zone, it may start another decline. Immediate support levels include:
- $101,200, which coincides with the 76.4% Fib retracement level of the upward move from $99,220 to $107,400.
- $100,500 as the next major support.
In case of further losses:
- $100,000 becomes a key psychological and technical level.
- Below this, Bitcoin could drop to $98,800 support or even head toward the $96,500 main support.
Failure to hold $96,500 might lead to accelerated downward movement for BTC.
Technical Indicators Overview
- Hourly MACD: The MACD is currently gaining pace in the bearish zone.
- Hourly RSI (Relative Strength Index): The RSI for BTC/USD is now below 50, indicating bearish sentiment.
Key Levels to Watch:
- Major Support Levels: $101,200, followed by $100,500.
- Major Resistance Levels: $103,250 and $103,500.