Bitcoin Price Declines Below $105,500 Amid Profit-Taking Activity

Bitcoin is experiencing a decline, trading below key support levels.

Current price is below $105,500 and struggling to maintain above $103,200.
Bitcoin failed to break the $110,500 resistance, leading to declines below $107,500 and $106,500.
A low was reached at $103,078, with consolidation occurring below the 23.6% Fib level from the recent high.
Resistance identified at $104,200, $105,500, and $106,600 due to a bearish trend line.
Immediate support is at $103,000, followed by $102,350 and $101,500.

Outlook for Bitcoin

If Bitcoin surpasses the $105,500 resistance, it may trigger a recovery towards $108,000 or higher. Conversely, failure to breach this level could lead to further declines, targeting support at $100,000.

Technical indicators show:

MACD indicating bearish momentum.
RSI below 50.