Bitcoin Price Declines Below $107,500 with Key Support at $104,000

Bitcoin Price Update

Bitcoin declined below the $107,500 zone.
Current trading price is below $107,000 and the 100 hourly Simple Moving Average.
A bearish trend line has formed with resistance at $107,550 on the BTC/USD hourly chart.
If it breaks the $104,000 support zone, further losses are expected.

Price Movement Details

Bitcoin tested the support level at $104,600 after dropping below $105,600. The price moved above $105,200 but remains under the 23.6% Fibonacci retracement level from the recent decline.

Immediate resistance is at $106,000, followed by $107,000 and $107,500. A close above $107,500 could push the price toward $108,000 and possibly $110,000.

Potential for Further Decline

If Bitcoin cannot surpass the $107,500 resistance, a new decline may begin. Immediate support is near $104,500, with major levels at $104,000 and $103,200. Losses could extend to $102,500, with critical support at $101,200.

Technical Indicators:

Hourly MACD indicates increasing bearish momentum.
Hourly RSI is below the 50 level.

Support Levels: $104,000, $103,200

Resistance Levels: $106,000, $107,000