Bitcoin Recovery Lacks Conviction, Market Signals Another Pullback Risk

Bitcoin price is struggling below $105,000. BTC could continue to move down if it stays below the $104,200 ￰0￱ started a fresh decline below the $104,000 ￰1￱ price is trading below $104,000 and the 100 hourly Simple moving ￰2￱ was a break above a bearish trend line with resistance at $103,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might continue to move down if it fails to surpass the $105,000 ￰3￱ Price Faces Resistance Bitcoin price failed to stay above the $105,000 support level and started a fresh ￰4￱ dipped below $103,500 and $102,000 to enter a bearish ￰5￱ decline was such that the price even spiked below the $100,000 support.

A low was formed at $98,900 and the price recently started a recovery ￰6￱ was a move above the 23.6% Fib retracement level of the downward move from the $111,000 swing high to the $98,900 low. Besides, there was a break above a bearish trend line with resistance at $103,000 on the hourly chart of the BTC/USD pair. However, the bears remained active near $104,000. Bitcoin is now trading below $104,000 and the 100 hourly Simple moving ￰7￱ the bulls attempt another recovery wave, the price could face resistance near the $103,500 ￰8￱ first key resistance is near the $104,000 ￰9￱ next resistance could be $105,000 and the 50% Fib retracement level of the downward move from the $111,000 swing high to the $98,900 low.

A close above the $105,000 resistance might send the price further ￰10￱ the stated case, the price could rise and test the $106,500 ￰11￱ more gains might send the price toward the $107,500 ￰12￱ next barrier for the bulls could be $108,500 and $108,800. Another Decline In BTC? If Bitcoin fails to rise above the $104,000 resistance zone, it could continue to move ￰13￱ support is near the $102,150 ￰14￱ first major support is near the $100,500 ￰15￱ next support is now near the $100,000 ￰16￱ more losses might send the price toward the $98,800 support in the near ￰17￱ main support sits at $97,500, below which BTC might struggle to recover in the near ￰18￱ indicators: Hourly MACD – The MACD is now gaining pace in the bearish ￰19￱ RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 ￰20￱ Support Levels – $102,150, followed by $100,500.

Major Resistance Levels – $103,500 and $104,000.