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Bitcoin Breaks Down Again — Bearish Momentum Intensifies Across Crypto Market

Bitcoin worth is once more declining under $110,000. BTC may proceed to maneuver down if it stays under the $110,000 resistance.

  • Bitcoin began a recent decline under the $109,500 assist.
  • The worth is buying and selling under $109,000 and the 100 hourly Simple shifting common.
  • There is a bearish development line forming with resistance at $109,800 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair may proceed to maneuver down if it trades under the $107,400 zone.

Bitcoin Price Faces Rejection

Bitcoin worth failed to remain above the $110,500 pivot degree and began a fresh decline. BTC dipped under $110,000 and $109,500 to enter a bearish zone.

The decline was such that the value traded under the 50% Fib retracement degree of the upward transfer from the $106,312 swing low to the $111,000 high. Besides, there’s a bearish development line forming with resistance at $109,800 on the hourly chart of the BTC/USD pair.

Bitcoin is now buying and selling under $109,000 and the 100 hourly Simple moving average. If the bulls try a recent enhance, the value may face resistance close to the $109,500 degree. The first key resistance is close to the $109,800 degree and the development line.

The subsequent resistance might be $110,500. An in depth above the $110,500 resistance may ship the value additional larger. In the acknowledged case, the value may rise and check the $111,200 resistance. Any extra positive factors may ship the value towards the $113,500 degree. The subsequent barrier for the bulls might be $115,000 and $115,500.

More Losses In BTC?

If Bitcoin fails to rise above the $109,800 resistance zone, it may proceed to maneuver down. Immediate assist is close to the $107,400 degree or the 76.4% Fib retracement degree of the upward transfer from the $106,312 swing low to the $111,000 high. The first main assist is close to the $106,500 degree.

The subsequent assist is now close to the $105,500 zone. Any extra losses may ship the value towards the $104,200 assist within the close to time period. The major assist sits at $103,500, under which BTC may battle to get better within the quick time period.

Technical indicators:

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

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

Major Support Levels – $107,400, adopted by $106,500.

Major Resistance Levels – $109,800 and $110,500.

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