Bitcoin price is trying to recover above $107,500 and $108,000. BTC could rise further if there is a clear move above the $109,500 mark.
- Bitcoin started a new recovery wave above the $108,000 resistance level.
- The price is trading below $109,000 and the 100 hourly Simple Moving Average.
- A short-term descending channel is forming with resistance at $108,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise if it trades above the $109,500 zone.
Bitcoin price takes a hit
Bitcoin price fell below the $109,500 level again. BTC tested the $106,750 zone and is currently consolidating losses. A low was formed at $106,717 before the price recouped some losses.
There was a move above the USD 107,500 and USD 108,000 levels. The price climbed above the 23.6% Fib retracement level from the recent decline from the $114,000 swing high to the $106,717 low. However, the bulls now face many hurdles.
Bitcoin is now trading below $109,000 and the 100 hourly Simple Moving Average. The immediate resistance on the upside is near the $108,800 level. A short-term descending channel is also forming with resistance at $108,800 on the hourly chart of the BTC/USD pair.
The first major resistance is around the $109,500 level. The next resistance could be $110,500, or the 50% Fib retracement level from the recent decline from the $114,000 swing high to the $106,717 low. A close above the resistance at $110,500 could send the price higher. In the mentioned case, the price could rise and test the USD 111,500 resistance. Any further gains could send the price towards the $112,000 level. The next threshold for the bulls could be $113,500.
Another drop in BTC?
If Bitcoin fails to rise above the USD 109,500 resistance zone, it could start a new decline. Immediate support is near the $107,200 level. The first major support is near the $106,750 level.
The next support is now near the $105,800 zone. Any further losses could send the price towards the $105,000 support in the short term. The key support is at $103,500, below which BTC could struggle to recover in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now approaching the 50 level.
Major support levels – $108,000, followed by $106,750.
Major resistance levels – $109,500 and $110,500.