Bitcoin price is struggling below $105,000. If BTC falls below the $104,200 resistance level, BTC could continue its decline.
- Bitcoin began a new decline below the $104,000 support.
- Price is trading below $104,000 and the 100 hourly simple moving average.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), the pair broke above the bearish trend line with resistance at $103,000.
- If the $105,000 zone cannot be broken, the pair is likely to continue declining.
Bitcoin price faces resistance
Bitcoin price failed to break above the $105,000 support level and a new decline began. BTC fell below $103,500 and $102,000 and entered the bearish zone.
The decline was so severe that the price soared below the $100,000 support. The low was formed at $98,900 and the price recently started a recovery wave. There was a move above the 23.6% Fib retracement level of the decline from the swing high of $111,000 to the low of $98,900.
Additionally, on the hourly chart of the BTC/USD pair, the pair broke above the bearish trend line with resistance at $103,000. However, the bears remained active near the $104,000 level.
Bitcoin is currently trading below $104,000 and its 100-hour simple moving average. If the bulls attempt another wave of recovery, the price may face resistance near the $103,500 level. The first major resistance level is near the $104,000 level.
The next resistance level could be $105,000 and the 50% Fib retracement level of the decline from the swing high of $111,000 to the low of $98,900. If the price closes above the $105,000 resistance level, the price could move higher. In the above case, the price may rise and test the $106,500 resistance level. Further upside could push the price closer to the $107,500 level. The next hurdles for the bulls could be $108,500 and $108,800.
Will BTC fall again?
If Bitcoin fails to rise above the $104,000 resistance zone, the decline could continue. Immediate support is near the $102,150 level. The first major support is near the $100,500 level.
The next support is currently approaching the $100,000 zone. Any further losses could send the price heading towards the $98,800 support in the near term. The main support lies at $97,500, below which BTC may struggle to recover in the short term.
Technical indicators:
Hourly MACD – The MACD is currently pacing in the bearish zone.
Hourly RSI (Relative Strength Index) – BTC/USD’s RSI is currently below the 50 level.
Major support level – $102,150 followed by $100,500.
Key resistance levels – $103,500 and $104,000.
