Bitcoin Price Stumbles at Resistance — Will the Dip Deepen?
Bitcoin’s price has dipped below $106,800, now consolidating near $106,200 resistance. After facing setbacks at $108,800, it dropped to as low as $103,400. Current support levels are at $104,200 and $103,500, while resistance lies at $105,500 and $106,200. Market reaction will determine if BTC can regain momentum or if further declines ensue.
Bitcoin has embarked on a downward trend, falling below the critical $106,800 mark. At present, it seems to be consolidating while facing near-term resistance around $106,200. The cryptocurrency has also seen a fresh decline from this resistance point, indicating a potential shift in momentum.
Following its failure to surpass the $108,800 resistance zone, Bitcoin dipped under both $108,000 and $107,000. This slide has pushed the price below the crucial $106,200 support level, with a minimum reached at $103,400. Currently, there is a minor rebound above the 23.6% Fibonacci retracement level from the recent high.
Now trading under the $106,800 level and the 100 hourly Simple Moving Average, Bitcoin has formed a short-term triangle. This triangle shows support at about $104,200 on the BTC/USD hourly chart. Should Bitcoin’s price exceed the immediate resistance at $105,200 and subsequently challenge $105,500, the $106,200 mark will be critical for any further upward movement.
If Bitcoin surpasses the pivotal $106,200 resistance level, we could see a climb toward $108,000. Any continued uptrend might even lead the price toward the $110,000 zone, which many investors are eyeing closely. However, the status of Bitcoin remains uncertain, depending heavily on its ability to break these resistance levels.
On the flip side, should Bitcoin struggle to breach the $106,200 zone, it might face another downturn. Close support is positioned at $104,200, followed by the significant $103,500 level. Should this support weaken, Bitcoin could dip towards $102,500, with the potential for losses to reach the critical $100,000 threshold, where it could gain further bearish energy.
As for its technical indicators, the Hourly MACD suggests a deceleration within the bearish zone, and the Relative Strength Index (RSI) stands below 50. The key support levels lie at $104,200 and $103,500, while resistance levels are at $105,500 and $106,200. The road ahead looks fraught with challenges for Bitcoin, as market watchers continue to assess its potential trajectory.
In summary, Bitcoin’s price movement remains in a critical phase, grappling with resistance near $106,200 after having declined from higher levels. Support levels at $104,200 and $103,500 will be vital for determining the next steps. Investors should remain cautious as the cryptocurrency has shown wavering momentum. Observing how it interacts with these key levels in the near future will be crucial for forecasting whether a rebound or further decline is on the horizon.
Original Source: www.tradingview.com
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