Bitcoin Price Faces Resistance Near $102,000 While Testing $97,500 Support
Bitcoin price is currently experiencing a correction after struggling to surpass the $102,000 resistance zone. The price may test the $97,500 support zone.
- Bitcoin initiated a correction from the $102,000 level.
- The price remains above $98,000 and the 100 hourly Simple Moving Average.
- A break occurred below a bullish trend line with support at $101,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could initiate a fresh increase if it maintains above the $97,500 support zone.
Bitcoin Price Dips Again
Bitcoin formed a base and began a new increase above $98,800, moving past $99,200 and $99,500.
Although the price exceeded $100,000, bearish activity emerged near $102,000. A peak was reached at $102,500, and the price is now consolidating. It is gradually declining below the 23.6% Fibonacci retracement level of the recent wave from the $94,315 swing low to the $102,500 high.
A break below the bullish trend line with support at $101,000 has occurred. Bitcoin is trading above $98,000 and the 100 hourly Simple Moving Average.
On the upside, resistance is anticipated near the $100,500 level, with the first key resistance at $101,500. A clear move above $101,500 may drive the price higher, potentially testing the $102,000 resistance again. A close above this level could lead to further increases.
If this scenario unfolds, the price might rise to test the $104,000 resistance level, with additional gains possibly pushing it toward $105,000.
More Losses In BTC?
Should Bitcoin fail to exceed the $102,000 resistance zone, it could continue its downward trend. Immediate support is near the $98,400 level or the 50% Fibonacci retracement level from the $94,315 swing low to the $102,500 high.
The first major support stands at $97,500, followed by $96,250. Further declines could lead the price toward the $95,000 support in the short term.
Technical indicators:
- Hourly MACD: Gaining momentum in the bearish zone.
- Hourly RSI (Relative Strength Index): Below the 50 level.
Major Support Levels: $98,400, followed by $97,500.
Major Resistance Levels: $102,000 and $104,000.