Bitcoin has begun a new upward movement, surpassing the crucial $100,000 level. However, it is encountering resistance at the $103,000 level, which may hinder further price gains.
Following a brief downturn below $103,000 and $102,500, Bitcoin reached a low of $97,688. Since that low, the price has been recovering and trading above $99,800 and $100,500. During this corrective phase, Bitcoin managed to exceed the 50% Fibonacci retracement level of its recent downward movement. Nevertheless, sellers are actively pushing back around the $103,000 level, indicating a struggle for upward momentum.
A significant bearish trend line is currently present, with resistance positioned at $102,800, while Bitcoin ’s value remains under $103,200 and below the 100-hourly simple moving average. The immediate resistance is faced at $102,500, with a critical level at $103,000. Breaching $103,500 may allow Bitcoin to explore further gains, potentially testing the $105,000 level. Sustained upward movement could see prices testing the $107,000 range.
On the flip side, should Bitcoin fail to breach the resistance at $103,000, it may face another decline. Immediate support is found at the $101,200 level, with major support identified at $100,500. If the selling pressure continues, the price could drop to the support zone near $100,000, and further losses might take it down to around $88,800.
In terms of technical indicators, the hourly MACD suggests a diminishing bullish momentum, while the Relative Strength Index (RSI) has dipped below the neutral 50 level, reflecting a shift in market dynamics. The ongoing developments warrant careful observation as the cryptocurrency navigates this critical resistance zone.
