Bitcoin price is struggling below $105,000. BTC could continue to move down if it stays below the $104,200 resistance.
The decline was such that the price even spiked below the $100,000 support. A 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 downward move from the $111,000 swing high to the $98,900 low.
Besides, there was a break above a bearish trend line with resistance at $103,000 on the hourly chart of the BTC/USD pair. However, the bears remained active near $104,000.
The next resistance could be $105,000 and the 50% Fib retracement level of the downward move from the $111,000 swing high to the $98,900 low. A close above the $105,000 resistance might send the price further higher. In the stated case, the price could rise and test the $106,500 resistance. Any more gains might send the price toward the $107,500 level. The next barrier for the bulls could be $108,500 and $108,800.
If Bitcoin fails to rise above the $104,000 resistance zone, it could continue to move down. Immediate support is near the $102,150 level. The first major support is near the $100,500 level.
The next support is now near the $100,000 zone. Any more losses might send the price toward the $98,800 support in the near term. The main support sits at $97,500, below which BTC might struggle to recover in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $102,150, followed by $100,500.
Major Resistance Levels – $103,500 and $104,000.
