Bitcoin Price Recovers Above $105,000 Amid Resistance at $107,000
Bitcoin (BTC) price is currently recovering after a decline to $103,200, facing resistance near $107,000.
- BTC has initiated a recovery above $105,000.
- Price remains above $105,000 and the 100 hourly Simple Moving Average.
- A bullish trend line is forming with support at $104,050 on the hourly chart.
- A breakout above $107,000 could lead to further increases.
Price Dynamics
Bitcoin declined below the $105,500 support level, testing $103,200. A low was established at this level, followed by a recovery attempt:
- Moved above $104,500 and the 23.6% Fibonacci retracement level from the recent decline.
- Currently trading above $105,000 and the 100 hourly Simple Moving Average.
- Immediate resistance located near $106,850, close to the 50% Fibonacci retracement level.
- Key resistance levels are $107,000 and $107,800; a close above $107,800 may push prices towards $109,000 and potentially $110,000.
Potential Decline
If Bitcoin cannot surpass the $107,000 mark, it may face another decline:
- Immediate support at $105,000.
- Major support near $104,000 and the trend line.
- Next significant support at $103,200; further losses could lead to $102,500.
- Main support stands at $101,200, below which bearish momentum may increase.
Technical indicators show:
- Hourly MACD losing pace in the bullish zone.
- Hourly RSI for BTC/USD below 50.