Bitcoin Price Struggles to Reclaim Resistance as Sideways Action Dominates
Bitcoin’s price has recently declined below the $106,200 zone, struggling against resistance near $105,500. Consolidation is ongoing as it tests lower support zones, with significant levels noted at $104,200 and $103,500. A rise beyond $106,150 could uplift the price, while failure to break resistance zones may push Bitcoin lower.
Bitcoin’s recent price movements have been less than excitement-worthy for investors. Prices have slipped notably under the $106,200 threshold, raising the concern of potential further declines. As of now, Bitcoin is consolidating its position and appears to be facing resistance near the $105,500 mark. This comes after a fresh downward swing below the $108,000 level, coinciding with the price now being positioned below both $106,000 and the 100 hourly Simple Moving Average.
Looking closely at Bitcoin’s trend, it is evident that it tested the $105,500 support and continued to move lower. Testing the $103,500 zone was a significant moment, with a low recorded at $103,400. Following this, there began some minor recovery, saw a rise that surpassed the 23.6% Fibonacci retracement level from a prior downward trajectory, hitting its peak at $108,924 and dropping to $103,400.
Unfortunately for Bitcoin bulls, selling pressure has remained active below the $105,500. A bearish trend line has formed, indicating resistance at $105,200 on the BTC/USD hourly chart. Immediate resistance sits at the $105,200 level, with more significant obstacles appearing at $105,500. If Bitcoin is capable of closing above $106,150, it might encourage a move toward the awaited $108,800 resistance. There are murmurs of achieving a dream $110,000 mark if the momentum swings positively.
In summary, Bitcoin faces substantial resistance levels and is consolidating amid wavering investor confidence. With critical support levels identified at $104,200 and $103,500, failure to break above the $105,500 mark might result in further declines. Traders are keeping a close look at these pivotal points in this ever-challenging crypto market landscape.
Original Source: www.tradingview.com
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