Once again, the price of Bitcoin broke through $100,000. At $103,000, Bitcoin encounters resistance and may try to break out to the upside. Once it broke beyond the $100,000 mark, Bitcoin began a respectable ascent. The price currently trades below the 100-hourly simple moving average and $103,200. Hourly Bitcoin/US Dollar chart (data feed from Kraken) shows the formation of a crucial negative trend line with resistance at $102,800. It could initiate another drop if the pair remains below the $103,000 zone.
Ethereum Price Remains Stable
A new downward trend in the Bitcoin price began below the $103,000 and $102,500 marks. Also, before the bulls showed in, Bitcoin dropped below $100,000. The price is presently recouping its losses after establishing a low at $97,688.There was a change between the $99,800 and $100,500 levels. After a negative wave from $107,080 to $97,688 (the swing high and low), the bulls pushed prices upward, surpassing the 50% Fibonacci retracement line. The $103,000 zone, however, is where bears are acting.
Yet Another Bitcoin Decline?
If Bitcoin can’t break over the $103,000 level of resistance, it might signal the beginning of a new downward trend. On the downside, the $101,200 level provides immediate support. Near the $100,500 mark, you can find the first significant support. Bitcoin Price Faces, Near the $100,000 zone, we can see the next support. If the price continues to fall, it can reach the $88,800 support level shortly.
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 Crawls Close to $103,500 Level
On the hourly chart of the Bitcoin to US Dollar pair, a bearish trend line is starting to form, and it is encountering resistance at $102,800. Breakout Possible for Bitcoin Price At the moment, the price of Bitcoin is trading below both the 100-hour simple moving average and $103,200.
On the upside, the $102,500 level is the nearest resistance level. Near the $103,000 mark, you’ll see the first major obstacle. Since the bearish wave’s 61.8% Fibonacci retracement level started at the swing high of $107,080 and concluded at the low of $97,688, $103,500 might be the next major resistance level.
Further price increases are possible after breaking through the $103,500 resistance mark. If the given scenario plays out, the price can rise to $105,000, which is the resistance level. Bitcoin Price Faces, Breakout Possible for Bitcoin Price: With additional increases, the price may approach $107,000.
Summary
There is a lot of resistance, nearly $103,000, as Bitcoin tries to go back above $100,000. At $102,800, a negative trend line and the 100-hour simple moving average prevent any further increases. After breaking beyond the $103,500 mark, Bitcoin might recover and re-enter the $105,000 to $107,000 range. However, if you can’t keep your position above $103,000, it could lead to a further drop to $100,000 or even $88,800. Technical indications indicate that the bullish momentum is beginning to fade, with key support between $101,200 and $100,500.
