Bitcoin Price Corrects Below $103,500 After Testing $105,000 Zone
Bitcoin has begun a price correction after testing the $105,000 resistance zone.
- Bitcoin is correcting from the $105,000 resistance level.
- The price is below $103,800 and the 100-hourly Simple Moving Average.
- A break occurred below the bullish trend line with support at $103,600.
- Further dips are possible if it remains below $105,000.
Current Price Movement
Bitcoin increased from the support around $102,500, breaking above $103,500 and peaking at $104,980. It is now correcting below the 23.6% Fibonacci retracement of this upward move.
Bulls are active near $102,850, which aligns with the 50% Fibonacci retracement level. Immediate resistance is at $103,600, while key resistance is at $104,200.
Should Bitcoin close above $105,000, it could rise to test $106,500 and potentially reach $108,000.
Potential for Further Losses
If Bitcoin does not exceed the $104,200 resistance, another downside correction may occur. Immediate support is at $102,850, followed by major supports at $101,750 and $100,500. A drop beyond these levels could approach the $100,000 support, with primary support at $98,800.
Technical indicators show:
- Hourly MACD indicates a bearish trend.
- Hourly RSI is below 50.
- Major support levels at $102,850 and $101,750.
- Major resistance levels at $104,200 and $105,000.