Bitcoin has recently seen a downward trend, testing the $97,650 level as it attempts to correct itself from recent losses. Currently priced below $103,200, Bitcoin faces potential resistance around the $103,000 level, which is coupled with a bearish trend line on its hourly chart.
Following a significant fall past the $105,000 and $103,500 levels, Bitcoin experienced a notable dip below the $100,000 level, reaching a low of $97,688. This decline triggered a corrective rally that saw the price rise above the $99,500 and $100,000 levels. Despite this rebound, bearish sentiments have been prevalent near the $102,000 zone, causing significant price pressure.
At this moment, Bitcoin trades below both the $103,200 mark and the 100-hourly Simple Moving Average. Resistance is currently observed around the $102,350 level, which coincides with the 50% Fibonacci retracement of the recent downward movement from a high of $107,080 to the low of $97,688. The primary resistance to overcome is at $103,000; a break above this level could pave the way for a rally toward $104,200. A sustained close above $104,200 might propel Bitcoin toward the resistance at $105,500, with further potential gains heading toward the $107,000 level.
Conversely, if Bitcoin cannot surpass the $103,000 resistance, a fresh decline could follow. Immediate support lies at $100,500, with major support levels identified at $100,000 and further down at $88,500. If downward pressure continues, there is a possibility for Bitcoin to test the $86,500 support level in the near future.
Technical indicators suggest a complicated picture, with the hourly MACD losing momentum in the bearish zone, while the Relative Strength Index indicates that Bitcoin remains above the neutral territory at 50. The market’s next moves will depend heavily on how it responds to the key resistance and support levels established.
