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

Bitcoin price is attempting to recover above $107,500 and $108,000. BTC could rise further if there is a clear move above the $109,500 ￰0￱ started a fresh recovery wave above the $108,000 resistance ￰1￱ price is trading below $109,000 and the 100 hourly Simple moving ￰2￱ is a short-term declining channel forming with resistance at $108,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might continue to move up if it trades above the $109,500 ￰3￱ Price Takes Hit Bitcoin price declined again below the $109,500 ￰4￱ tested the $106,750 zone and is currently consolidating losses . A low was formed at $106,717 before the price recovered some ￰5￱ was a move above the $107,500 and $108,000 ￰6￱ price climbed above the 23.6% Fib retracement level of the recent decline from the $114,000 swing high to the $106,717 low.

However, the bulls are now facing many ￰7￱ is now trading below $109,000 and the 100 hourly Simple moving ￰8￱ resistance on the upside is near the $108,800 ￰9￱ is also a short-term declining channel forming with resistance at $108,800 on the hourly chart of the BTC/USD ￰10￱ first key resistance is near the $109,500 ￰11￱ next resistance could be $110,500 or the 50% Fib retracement level of the recent decline from the $114,000 swing high to the $106,717 low. A close above the $110,500 resistance might send the price further ￰12￱ the stated case, the price could rise and test the $111,500 ￰13￱ more gains might send the price toward the $112,000 ￰14￱ next barrier for the bulls could be $113,500.

Another Drop In BTC? If Bitcoin fails to rise above the $109,500 resistance zone, it could start a fresh ￰15￱ support is near the $107,200 ￰16￱ first major support is near the $106,750 ￰17￱ next support is now near the $105,800 ￰18￱ more losses might send the price toward the $105,000 support in the near ￰19￱ main support sits at $103,500, below which BTC might struggle to recover in the short ￰20￱ indicators: Hourly MACD – The MACD is now losing pace in the bearish ￰21￱ RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 ￰22￱ Support Levels – $108,000, followed by $106,750. Major Resistance Levels – $109,500 and $110,500.