Bitcoin price is struggling below $104,200. BTC could continue to decline if it remains below the USD 103,500 resistance.
- Bitcoin started a new decline below the $103,500 support.
- The price is trading below $103,000 and the 100 hourly Simple Moving Average.
- A major bearish trendline is forming with resistance at $102,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to decline if it fails to cross the $103,500 zone.
Bitcoin price drops again
Bitcoin price failed to stay above the $104,000 support level and started a new decline. BTC fell below USD 103,500 and USD 102,400 to enter a bearish zone.
The decline was such that the price even peaked below the $101,200 support. A low was formed at $100,266 and the price is now consolidating losses. There was a move above the 23.6% Fib retracement level of the recent decline, from the $104,498 swing high to the $100,266 low.
Bitcoin is now trading below $103,000 and the 100 hourly Simple Moving Average. If the bulls attempt another recovery wave, the price may encounter resistance near the USD 102,000 level. The first major resistance is around the $102,250 level. Moreover, a major bearish trendline is forming with resistance at $102,400 on the hourly chart of the BTC/USD pair.
The next resistance could be $103,500 and the 76.4% Fib retracement level from the recent decline from the $104,498 swing high to the $100,266 low. A close above the resistance at $103,500 could send the price higher. In the mentioned case, the price could rise and test the USD 104,200 resistance. Any further gains could send the price towards the USD 105,500 level. The next threshold for the bulls could be $106,200 and $106,500.
Lose more in BTC?
If Bitcoin fails to rise above the $102,400 resistance zone, it could continue to decline. Immediate support is approaching the $100,500 level. The first major support is near the $100,000 level.
The next support is now near the $98,800 zone. Any further losses could send the price towards the USD 96,500 support in the short term. The key support is at $95,500, below which BTC could struggle to recover in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major support levels – USD 100,500, followed by USD 100,000.
Major resistance levels – $102,400 and $103,500.