Bitcoin Price Consolidates Below $106,000 After Declining to $104,200

Bitcoin Price Update

Bitcoin price is consolidating above the $104,000 zone after testing $104,200.
Current trading below $106,000 and the 100 hourly Simple Moving Average.
Support forming at $104,450 with a bullish trend line on the hourly chart.
Resistance levels are at $105,500 and $106,800.

Price Movements

Bitcoin declined below $105,650, reaching a low of $104,279. The price has since consolidated above $104,500, showing a recovery attempt.

Immediate resistance is near $105,500, close to the 50% Fib retracement level. Key resistances are identified at $106,220 and $106,800, with potential gains toward $107,500 if surpassed.

Potential Declines

If Bitcoin cannot surpass $106,000, it risks further declines. Immediate support is at $104,500; major supports follow at $104,200 and $103,200. Further losses could lead to a drop toward $102,500, with a critical support level at $101,200.

Technical indicators show:

MACD losing momentum in the bullish zone.
RSI below 50.