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Bitcoin Price Slides Lower — Bears Tighten Grip Amid Weak Market Sentiment

Bitcoin value is trying to recuperate above $107,500 and $108,000. BTC might rise additional if there’s a clear transfer above the $109,500 barrier.

  • Bitcoin began a recent restoration wave above the $108,000 resistance stage.
  • The value is buying and selling under $109,000 and the 100 hourly Simple shifting common.
  • There is a short-term declining channel forming with resistance at $108,800 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair would possibly proceed to maneuver up if it trades above the $109,500 zone.

Bitcoin Price Takes Hit

Bitcoin value declined once more under the $109,500 stage. BTC examined the $106,750 zone and is at present consolidating losses. A low was fashioned at $106,717 earlier than the value recovered some losses.

There was a transfer above the $107,500 and $108,000 ranges. The value climbed above the 23.6% Fib retracement stage of the latest decline from the $114,000 swing high to the $106,717 low. However, the bulls are actually dealing with many hurdles.

Bitcoin is now buying and selling under $109,000 and the 100 hourly Simple moving average. Immediate resistance on the upside is close to the $108,800 stage. There can also be a short-term declining channel forming with resistance at $108,800 on the hourly chart of the BTC/USD pair.

The first key resistance is close to the $109,500 stage. The subsequent resistance might be $110,500 or the 50% Fib retracement stage of the latest decline from the $114,000 swing high to the $106,717 low. An in depth above the $110,500 resistance would possibly ship the value additional larger. In the acknowledged case, the value might rise and check the $111,500 resistance. Any extra good points would possibly ship the value towards the $112,000 stage. The subsequent barrier for the bulls might be $113,500.

Another Drop In BTC?

If Bitcoin fails to rise above the $109,500 resistance zone, it might begin a recent decline. Immediate assist is close to the $107,200 stage. The first main assist is close to the $106,750 stage.

The subsequent assist is now close to the $105,800 zone. Any extra losses would possibly ship the value towards the $105,000 assist within the close to time period. The predominant assist sits at $103,500, under which BTC would possibly wrestle to recuperate within the brief time period.

Technical indicators:

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

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

Major Support Levels – $108,000, adopted by $106,750.

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

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