Bitcoin Price Recovers After Testing $103,200 Support Level

Bitcoin is experiencing a recovery after testing the $103,200 zone. Currently, it is trading near $105,800 and may aim for a breakout above $106,800.

Bitcoin declined below $106,800 and $105,500.
Price has traded close to the 100 hourly Simple Moving Average.
A break occurred above a bearish trend line at $105,000 on the BTC/USD hourly chart.
Potential for further increases if the price surpasses the $106,800 resistance.

Current Price Action

After failing to breach the $110,000 resistance, Bitcoin dropped below crucial support levels, hitting a low of $103,078. The price is currently recovering, having surpassed the 23.6% Fib retracement level of its recent decline.

Resistance and Support Levels

Immediate resistance is at $106,000, with key levels at $106,750 (50% Fib retracement) and $107,500. A close above $107,500 could lead to tests of $108,000 and potentially $110,000.

If Bitcoin fails to break through $106,750, it may face declines. Immediate support is at $105,000, with major supports at $104,200 and $103,200. Under $100,000, bearish momentum may increase.

Technical Indicators:

Hourly MACD indicates a bearish trend.
RSI is above 50.