Bitcoin Price Stuck in Range — Short-Term Bearish Pressure Mounts

Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing Strict editorial policy that focuses on accuracy, relevance, and impartiality Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Este artículo también está disponible en español. Bitcoin price started a fresh increase and tested the $105,000 zone. BTC is now correcting gains with a short-term bearish angle below $103,500. Bitcoin started a correction from the $105,000 resistance zone. The price is trading below $103,800 and the 100 hourly Simple moving average. There was a break below a connecting bullish trend line with support at $103,600 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could dip further if it stays below the $105,000 zone. Bitcoin Price Corrects Gains Bitcoin price started a fresh increase from the $102,500 support zone. BTC formed a base and was able to clear the $103,500 resistance zone. Moreover, the bulls even pushed the price above $104,200. The pair spiked toward $105,000. A high was formed at $104,980 and the price is now correcting gains. There was a move below the 23.6% Fib retracement level of the upward move from the $100,772 swing low to the $104,980 high. Besides, there was a break below a connecting bullish trend line with support at $103,600 on the hourly chart of the BTC/USD pair. Bitcoin is now trading below $103,500 and the 100 hourly Simple moving average. However, the bulls are now active near the $102,850 level and the 50% Fib retracement level of the upward move from the $100,772 swing low to the $104,980 high. On the upside, immediate resistance is near the $103,600 level. The first key resistance is near the $104,200 level. The next key resistance could be $105,000. A close above the $105,000 resistance might send the price further higher. In the stated case, the price could rise and test the $106,500 resistance level. Any more gains might send the price toward the $108,000 level. More Losses In BTC? If Bitcoin fails to rise above the $104,200 resistance zone, it could start another downside correction. Immediate support is near the $102,850 level. The first major support is near the $101,750 level. The next support is now near the $100,500 zone. Any more losses might send the price toward the $100,000 support in the near term. The main support sits at $98,800. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $102,850, followed by $101,750. Major Resistance Levels – $104,200 and $105,000. Source: https://www.newsbtc.com/analysis/btc/bitcoin-price-stuck-range-105k/