Bitcoin Price Plummets Below $108,000 Amid Bearish Trend

Bitcoin's price is experiencing a bearish trend, dipping below key support levels.

BTC started declining below the $109,000 support and is now under $108,000.
A bearish trend line is forming, with resistance at $109,400 on the BTC/USD chart.
The price remains under the 100 hourly Simple Moving Average.

Current Price Movement

Bitcoin failed to maintain above $110,000, moving into a bearish zone as it dropped past $109,000 and $108,800. It broke the 76.4% Fib retracement level of a prior upward movement from $106,310 to $111,000.

If bulls attempt a recovery, resistance lies around $108,200, with subsequent barriers at $108,800 and $109,500. A breakthrough above $109,500 may allow for testing $110,000 and higher levels like $111,500, $112,000, and $112,500.

Bitcoin Price

Potential for Further Decline

If Bitcoin cannot surpass the $108,800 resistance, further decline is possible. Immediate support is at $106,200, with significant levels at $105,500 and $105,000. A drop below these could lead to $104,200 or even $103,500.

Technical Indicators

Hourly MACD: Gaining momentum in the bearish zone.
Hourly RSI: Below the 50 level.
Major Support Levels: $106,200 and $105,500.
Major Resistance Levels: $108,800 and $109,500.