Bitcoin Price Declines Below $107,000 Amid Resistance at $106,500

Bitcoin Analysis

Bitcoin price declined from $108,800 and is consolidating below $107,000.
Current trading price is below the 100 hourly Simple Moving Average.
A bearish trend line forms with resistance at $106,000 on the BTC/USD hourly chart.
Price could increase if it remains above $105,000.

Current Price Action

Bitcoin failed to break the $108,800 resistance, dropping to a low of $105,116. It now trades below the 23.6% Fib retracement level of the downward movement from $108,792 to $105,116.

Immediate resistance is at $106,000, with potential upward movement above $106,500 leading to tests at $107,000 and possibly $108,000.

Downside Risks

If Bitcoin does not surpass $106,500, it may decline further. Immediate support is at $105,500, followed by major supports at $105,000 and $104,200. Further losses could lead to a drop towards $103,500 and potentially $102,000.

Technical indicators show:

Hourly MACD losing momentum in bearish territory.
RSI for BTC/USD below 50.
Major support levels are at $105,500 and $105,000.
Major resistance levels are at $106,500 and $107,000.