Bitcoin Slides Back to $100K — Is the Parabolic Run Finally Cracking?

Bitcoin price is gaining bearish pace below $103,500. BTC could continue to move down if it stays below the $103,500 ￰0￱ started a fresh decline below the $105,000 ￰1￱ price is trading below $104,000 and the 100 hourly Simple moving ￰2￱ is a bearish trend line forming with resistance at $103,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might continue to move down if it settles below the $100,000 ￰3￱ Price Dips Again Bitcoin price failed to stay above the $105,500 support level and started a fresh ￰4￱ dipped below $104,000 and $103,500 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 is now consolidating losses near the 23.6% Fib retracement level of the downward move from the $111,000 swing high to the $98,900 ￰6￱ is now trading below $104,000 and the 100 hourly Simple moving ￰7￱ the bulls attempt a recovery wave, the price could face resistance near the $102,000 ￰8￱ first key resistance is near the $103,500 ￰9￱ is also a bearish trend line forming with resistance at $103,500 on the hourly chart of the BTC/USD ￰10￱ 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 ￰11￱ the stated case, the price could rise and test the $106,400 ￰12￱ more gains might send the price toward the $107,500 ￰13￱ next barrier for the bulls could be $108,500 and $108,800.

More Losses In BTC? If Bitcoin fails to rise above the $103,500 resistance zone, it could continue to move ￰14￱ support is near the $100,200 ￰15￱ first major support is near the $100,000 ￰16￱ next support is now near the $98,800 ￰17￱ more losses might send the price toward the $96,200 support in the near ￰18￱ main support sits at $95,500, below which BTC might struggle to recover in the near ￰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 – $100,200, followed by $100,000. Major Resistance Levels – $103,500 and $105,000.