Bitcoin price started a fresh upward move above $100,000. BTC faces resistance at $103,000 and might aim for an upside break. Bitcoin started a decent upward move above the $100,000 zone. The price is trading below $103,200 and the 100-hourly simple moving average. A key bearish trend line is forming with resistance at $102,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another decline if it stays below the $103,000 zone.
Bitcoin Price Holds Support
The bitcoin price began a new downward trend well below $103,000 and $102,500. Additionally, Bitcoin fell below the $100,000 threshold before the bulls appeared. At the price of $97,688, a low was established, and the price is currently correcting losses.
A movement occurred over the levels of $99,800 and $100,500. The bulls successfully drove the price higher above the 50% Fibonacci retracement level of the bearish wave that occurred from the swing high of $107,080 to the low of $97,688. On the other hand, bears are active near the $103,000 zone.
Another Decline In BTC?
It could start a fresh decline if Bitcoin fails to rise above the $103,000 resistance zone. Immediate support on the downside is near the $101,200 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 $88,800 support soon.
Technical indicators:
- Hourly MACD: The MACD is now losing pace in the bullish zone.
- Hourly RSI: (Relative Strength Index) The RSI for BTC/USD is now below the 50 level.
- Major Support Levels: $101,200, followed by $100,500.
- Major Resistance Levels: $102,500 and $103,000.
Bitcoin Nears $103,500 Resistance
A significant bearish trend line is emerging on the hourly chart of the Bitcoin to US Dollar pair, and it is meeting resistance above $102,800. Bitcoin Price Faces Breakout, The bitcoin price currently trades at a rate lower than $103,200 and the 100-hour simple moving average.
The immediate resistance level on the upswing is close to the $102,500 level. The first significant barrier is located close to the level of $103,000. The next significant level of resistance might be $103,500, as the 61.8% Fibonacci retracement level of the bearish wave began at the swing high of $107,080 and ended at the low of $97,688.
The price may continue to rise if it settles over the resistance level of $103,500. In the scenario that has been presented, the price can go up and test the level of resistance, which is $105,000. Bitcoin Price Faces Breakout, The price may move closer to $107,000 if there are any further rises.
Summary
Bitcoin is trying to recover above $100,000 but is encountering significant resistance close to $103,000. The 100-hour simple moving average and a bearish trend line at $102,800 are putting a stop to any rises. Bitcoin might make a comeback toward $105,000 or $107,000 if it breaks the $103,500 threshold. On the other hand, the inability to maintain a position over $103,000 could result in a further decline toward $100,000 or even $88,800. According to technical indicators, bullish momentum is showing signs of waning, with critical support between $101,200 and $100,500.
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