Bitcoin Price Falls Below $105,000 Amid New Decline

Bitcoin Price Analysis

Bitcoin failed to recover above $107,000 and is now experiencing a decline.
The price is currently below $105,500 and the 100 hourly Simple Moving Average.
A break occurred below a bullish trend line at $104,200 on the BTC/USD hourly chart.
If BTC settles below $102,500, further downward movement is possible.

Current Price Movements

Bitcoin reached a high of $107,400 but started declining, breaking below key levels such as $105,500 and $105,000. It also dipped under the 50% Fib retracement from the $99,222 low to the $107,400 high. Currently trading below $105,000, BTC faces resistance at $104,000 and $104,750. Overcoming these could lead to testing $107,000 again.

Bitcoin Price

Potential Further Losses

If Bitcoin fails to surpass the $105,000 resistance, another decline may occur. Immediate support lies around $102,800, with major support at $102,400. A fall through $101,200 could see BTC testing the $100,200 level, with significant support at $100,000 potentially challenging recovery efforts.

Technical Indicators:

Hourly MACD: Gaining pace in the bearish zone.
Hourly RSI: Below the 50 level for BTC/USD.
Major Support Levels: $102,500, then $101,200.
Major Resistance Levels: $104,000 and $105,000.