The Bitcoin price has again dropped below $110,000. BTC’s price could drop further if the resistance level of $110,000 is not broken.
- Bitcoin has started to decline again below $109 500 support.
- Price is below the Simple Moving Average of 100 hours and $109,000.
- The hourly chart for the BTC/USD pairs shows a trendline that is bearish with resistance around $109,800 (data feed by Kraken).
- It is possible that the pair will continue to fall if its price falls below $107400.
Bitcoin Price Faces Rejection
Bitcoin’s price started to fall after it failed to hold above $110 500 pivot point. fresh decline. BTC fell below $110,000, and then $109500. It entered a zone of bearishness.
On the hourly chart of BTC/USD, there is a bearish trend line forming with resistance at $109,800. A bearish trendline is also forming on the hourly BTC/USD charts with resistance of $109800.
Bitcoin now trades below $99,000. 100 hourly Simple moving average. If bulls make a new attempt to raise the price, it could encounter resistance around the level of $109,500. The trendline and $109,800 are the first major resistance levels.
A close above $110 500 could send the price further higher. The price could rise if it closes above $110,500. Price could test resistance at $111 200 in this case. Should the price continue to climb, the next resistance level could be $113.500. Next hurdles for bulls might be $115,000 or $115,500.
BTC Losses Increased?
Bitcoin could move lower if it fails to break through the resistance level of $109,800. Near the $107400 level, or the Fib 76.4% retracement of the move upward from the $106,312 low swing to the $111,000 peak is immediate support. The $106,500 area is the first significant support.
Next support zone is near $105,500. Price could drop to $104,200 in near-term if there are any more losses. BTC could struggle in the near term to recover below $103,500.
The following are technical indicators.
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $107,400, followed by $106,500.
Major Resistance Levels – $109,800 and $110,500.
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Source: www.newsbtc.com
