Bitcoin Price Dips Deeper Into Red — Traders Eye Next Support Near $105,500

Bitcoin price is struggling to settle above $112,500 and $113,000. BTC is now moving lower and might start another decline below $108,000. Bitcoin started a fresh decline after it failed to clear the $113,000 resistance ￰0￱ price is trading below $110,000 and the 100 hourly Simple moving ￰1￱ is a bearish trend line forming with resistance at $110,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might continue to move down if it trades below the $107,500 ￰2￱ Price Dips Again Bitcoin price failed to surpass the $113,000 resistance level and started a fresh ￰3￱ dipped below the $112,000 and $110,500 support levels to enter a bearish ￰4￱ price even dipped below $108,000.

A low was formed at $107,483 and the price is now consolidating losses below the 23.6% Fib retracement level of the recent decline from the $115,975 swing high to the $107,483 ￰5￱ is now trading below $110,000 and the 100 hourly Simple moving average . Besides, there is a bearish trend line forming with resistance at $110,500 on the hourly chart of the BTC/USD ￰6￱ resistance on the upside is near the $109,500 ￰7￱ first key resistance is near the $110,000 ￰8￱ next resistance could be $110,500 and the trend line. A close above the $110,500 resistance might send the price further ￰9￱ the stated case, the price could rise and test the $111,800 resistance since it is close to the 50% Fib retracement level of the recent decline from the $115,975 swing high to the $107,483 ￰10￱ more gains might send the price toward the $112,500 ￰11￱ next barrier for the bulls could be $113,000.

Another Decline In BTC? If Bitcoin fails to rise above the $110,000 resistance zone, it could start a fresh ￰12￱ support is near the $108,000 ￰13￱ first major support is near the $107,500 ￰14￱ next support is now near the $106,200 ￰15￱ more losses might send the price toward the $105,500 support in the near ￰16￱ main support sits at $103,200, below which BTC might struggle to recover in the short ￰17￱ indicators: Hourly MACD – The MACD is now gaining pace in the bearish ￰18￱ RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 ￰19￱ Support Levels – $108,000, followed by $107,500. Major Resistance Levels – $110,000 and $110,500.