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Bitcoin Drops Again After Failed Recovery — $100K Support Now in Focus

Bitcoin worth didn’t get better above $105,000. BTC is trimming beneficial properties and may might proceed to maneuver down if it trades under $101,200.

  • Bitcoin began a contemporary decline after it didn’t clear $105,500.
  • The worth is buying and selling under $105,000 and the 100 hourly Simple shifting common.
  • There is a bearish development line forming with resistance at $103,300 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair may proceed to maneuver down if it settles under the $101,200 zone.

Bitcoin Price Dips Further

Bitcoin worth failed to remain in a positive zone above the $105,500 pivot stage. BTC bears remained energetic under $105,500 and pushed the worth decrease.

The final swing high was fashioned at $107,400 earlier than the worth began a contemporary decline. There was a drop under the $105,000 and $104,000 ranges. The worth dipped under the 61.8% Fib retracement stage of the upward transfer from the $99,220 swing low to the $107,400 high.

Bitcoin is now buying and selling under $104,000 and the 100 hourly Simple moving average. Besides, there’s a bearish development line forming with resistance at $103,300 on the hourly chart of the BTC/USD pair.

If the bulls try one other restoration wave, the worth might face resistance close to the $102,500 stage. The first key resistance is close to the $103,250 stage and the development line. The subsequent resistance may very well be $103,500. An in depth above the $103,500 resistance may ship the worth additional larger. In the acknowledged case, the worth might rise and take a look at the $105,000 resistance. Any extra beneficial properties may ship the worth towards the $105,500 stage. The subsequent barrier for the bulls may very well be $106,800 and $107,000.

More Losses In BTC?

If Bitcoin fails to rise above the $103,500 resistance zone, it might begin one other decline. Immediate assist is close to the $101,200 stage and the 76.4% Fib retracement stage of the upward transfer from the $99,220 swing low to the $107,400 high. The first main assist is close to the $100,500 stage.

The subsequent assist is now close to the $100,000 zone. Any extra losses may ship the worth towards the $98,800 assist in the close to time period. The principal assist sits at $96,500, under which BTC may speed up decrease in the close to time period.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now under the 50 stage.

Major Support Levels – $101,200, adopted by $100,500.

Major Resistance Levels – $103,250 and $103,500.

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