Bitcoin Price Declines Below $106,800 as Resistance Holds

Bitcoin price has declined below $106,800 and faces resistance around $106,200.

Bitcoin dropped below the $106,200 support level.
Currently trading under $106,800 and the 100 hourly Simple Moving Average.
A short-term triangle is forming with support at $104,200 on the hourly chart of the BTC/USD pair.
The price could increase if it remains above the $103,500 zone.

Current Price Action

After failing to surpass the $108,800 resistance, Bitcoin fell below $108,000 and $107,000. A low was reached at $103,400, with minor recovery observed above the 23.6% Fib retracement level from the $108,924 high.

Immediate resistance levels are:

$105,200
$105,500
$106,200, near the 50% Fib retracement level

A close above $106,200 may lead to further price increases towards $108,000 and potentially $110,000.

Potential Decline

If Bitcoin cannot break through the $106,200 resistance, a decline is possible. Key support levels include:

$104,200
$103,500
$102,500
$101,200, with major support at $100,000

Technical indicators show:

Hourly MACD losing momentum in bearish territory
RSI below 50