Bitcoin Price Struggles Below $104,500 as Support Levels Tested

Bitcoin is experiencing a price correction after struggling to break the $107,200 resistance level.

Price has started a downward correction from $107,200.
Current trading below $104,500 and the 100-hour Simple Moving Average.
A bearish trend line is forming with resistance at $103,650.
Price could rise again if it remains above the $100,500 support zone.

Current Market Situation

Bitcoin initially moved upward above $103,500, reaching $107,200 before correcting. The price fell under $105,000, crossing below the 50% Fib retracement level of the move from $100,114 to $107,200.

Immediate resistance is at $103,000, with significant resistance at $103,500 and $104,500. A breakthrough at $103,650 may lead to higher prices, potentially testing the $107,200 resistance again.

A close above $104,500 may push the price towards $112,500.

Potential Downside Risks

If Bitcoin cannot surpass the $104,000 resistance, it may begin another decline. Immediate support is near $101,750 and $100,500, with critical support around $100,000. Further losses might target the $88,500 support level.

Technical indicators indicate:

MACD gaining momentum in the bearish zone
RSI below 50
Major support levels at $101,650 and $100,500
Major resistance levels at $103,650 and $104,500