Key Takeaways:
– Bitcoin price declines below $103,000, testing $97,650 zone.
– Bullish trends manage to push price levels above the $99,500 and $100,000 marks.
– Immediate resistance falls at the $102,350 mark, with key resistance near $103,000.
– A possible new decline could occur if Bitcoin fails to rise above the $103,000 resistance zone.
Bitcoin’s Struggle Below $103,000
In the cryptocurrency market, Bitcoin commenced a downside correction, with its trading price falling below the $103,200 mark and the 100-hourly Simple Moving Average. An attached bearish trend line resistance has formed at around $103,000.
If Bitcoin does not manage to break through the $103,500 zone, there is potential for another downturn. After failing to stay above key resistance levels, Bitcoin’s price dipped below $105,000 and $103,500 before briefly falling further below $100,000.
The Market Correction
Bulls in the market emerged, boosting the price to avoid a severe dip. The lowest record during this period was at around $97,688. After this, the digital coin set about correcting its price losses.
Encouragingly, the Bitcoin bulls managed to elevate the cryptocurrency’s price above the $99,500 and $100,000 levels. They also pushed the price to exceed the 23.6% Fibonacci retracement level of the preceding large movement from the $107,080 swing high to the $97,688 low. However, bearish activity remains dominant around the $102,000 zone, acting as another obstacle to the coin’s progress.
Overcoming Resistance for Continued Growth
Currently, Bitcoin is revolving below the $103,200 mark and the 100-hourly Simple Moving Average. Immediate resistance is hovering near the $102,350 level, equating to the 50% Fib retracement level of the downward swing from the $107,080 high to the $97,688 trough.
The critical resistance zone is near the $103,000 level, also delineated by a bearish trend line that may potentially propel the BTC/USD pair into another declination. However, if Bitcoin manages to scale above the $104,200 line, we could see significantly higher values. In such a case, the price could escalate further and encounter resistance at $105,500. Any additional gains might steer Bitcoin in the direction of the formidable $107,000 level.
Potential for More Decline
Should Bitcoin fail to transcend the $103,000 resistance point, there may be room for another market downturn. The initial support on the downside is pegged around the $100,500 level, with major support near the $100,000 level. Subsequent support hovers around the $88,500 zone. Losses below these points could see Bitcoin decrease towards the $86,500 line in the near term.
Reflections on the Technical Indicators
From a technical perspective, the Moving Average Convergence Divergence (MACD) seems to be losing momentum in the bearish zone. The Relative Strength Index (RSI) for the BTC/USD pair is currently above the 50 level, indicating a possible strengthening of buyer’s momentum that could provide support for Bitcoin owners.
However, Bitcoin must defend notable support levels at $100,500 and $100,000 to dampen the chance of a downtrend. The primary resistance Bitcoin needs to break through is located at the $103,000 and $102,200 lines in order to attain a positive market outlook.