Bitcoin Sell-Off Continues — Downside Momentum Builds Across Crypto Market

Bitcoin price is gaining bearish pace below $108,800. BTC could continue to move down if it stays below the $109,500 ￰0￱ started a fresh decline below the $109,000 ￰1￱ price is trading below $108,000 and the 100 hourly Simple moving ￰2￱ is a bearish trend line forming with resistance at $109,400 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 $105,000 ￰3￱ Price Dips Further Bitcoin price failed to stay above the $110,000 support level and started a fresh ￰4￱ dipped below $109,000 and $108,800 to enter a bearish ￰5￱ decline was such that the price traded below the 76.4% Fib retracement level of the upward move from the $106,310 swing low to the $111,000 high.

Besides, there is a bearish trend line forming with resistance at $109,400 on the hourly chart of the BTC/USD ￰6￱ is now trading below $108,000 and the 100 hourly Simple moving ￰7￱ tested the 1.236 Fib extension level of the upward move from the $106,310 swing low to the $111,000 ￰8￱ the bulls attempt a recovery wave, the price could face resistance near the $108,200 ￰9￱ first key resistance is near the $108,800 ￰10￱ next resistance could be $109,500 and the trend line. A close above the $109,500 resistance might send the price further ￰11￱ the stated case, the price could rise and test the $110,000 ￰12￱ more gains might send the price toward the $111,500 ￰13￱ next barrier for the bulls could be $112,000 and $112,500.

More Losses In BTC? If Bitcoin fails to rise above the $108,800 resistance zone, it could continue to move ￰14￱ support is near the $106,200 ￰15￱ first major support is near the $105,500 ￰16￱ next support is now near the $105,000 ￰17￱ more losses might send the price toward the $104,200 support in the near ￰18￱ main support sits at $103,500, below which BTC might struggle to recover in the short ￰19￱ indicators: Hourly MACD – The MACD is now gaining pace in the bearish ￰20￱ RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 ￰21￱ Support Levels – $106,200, followed by $105,500. Major Resistance Levels – $108,800 and $109,500.