Bitcoin Price Holds Above $100,000 Amid Downside Correction

Bitcoin Price Update

Bitcoin price corrected from $106,250.
Currently consolidating above $100,000.
Trading below $103,500 and the 100-hourly Simple Moving Average.
Break below a bullish trend line with support at $104,650 observed.
Price could increase if it remains above the $100,000 support.

Current Trading Status

Recent high formed at $106,246; subsequent correction led to a low of $99,538. Price is now rising, having surpassed the 23.6% Fibonacci retracement level of the recent decline.

Immediate resistance near $102,000; key resistance at $103,000 (50% Fibonacci retracement). A move above $103,000 may push the price towards $104,650 and potentially $106,250.

Bitcoin Price

Potential Risks

If Bitcoin fails to breach $103,000, a downside correction may begin. Immediate support levels are:

$100,500
$100,000
$98,800
$96,500

Technical indicators show a weakening MACD in the bullish zone and an RSI below 50.