Bitcoin Price Consolidates Below $108,800 with Key Resistance at $107,400

Bitcoin is currently trading below the $108,800 zone and consolidating, with potential to move above the $108,000 resistance.

BTC has corrected from the $108,800 zone.
Price remains below $107,500 and the 100 hourly Simple Moving Average.
A bearish trend line is forming with resistance at $107,400 on the BTC/USD hourly chart.
A fresh increase could occur if BTC stays above $105,500.

Current Price Movements

Bitcoin recently climbed above $106,500 and $107,200, testing the $108,800 zone with a high of $108,792 before correcting to a low of $106,800. It is now consolidating losses.

Recovery above the 23.6% Fib retracement level indicates potential for upward movement. Immediate resistance exists near $107,400 and the key resistance is at $108,000.

A close above $108,000 may lead to further gains towards $108,800 or even $110,000.

Potential Decline Risks

If Bitcoin does not surpass the $108,000 resistance, it may decline further. Key support levels are:

Immediate support at $106,800
Major support at $106,500
Next support around $105,500, potentially leading to $105,000
Main support at $103,500, below which bearish momentum may increase

Technical indicators show the MACD losing pace in the bearish zone and the RSI below 50.