Bitcoin Price Surges Above $100,000 but Faces Resistance at $103,000
Bitcoin Price Analysis
- Bitcoin is trading above $100,000 but facing resistance at $103,000.
- Price is under pressure, currently below $103,200 and the 100 hourly Simple Moving Average.
- A bearish trend line forms resistance at $102,800 on the hourly chart.
- If Bitcoin remains below $103,000, it could decline further.
Price Movements
Bitcoin dropped below $103,000 and $102,500, reaching a low of $97,688. A recovery has occurred, pushing the price above $99,800 and $100,500.
- Resistance levels: $102,500 and $103,000.
- Key resistance could be at $103,500 (61.8% Fib retracement from $107,080 to $97,688).
- A close above $103,500 may target $105,000 and potentially $107,000.
Potential Decline
If Bitcoin fails to surpass $103,000, the following support levels are critical:
- Immediate support at $101,200.
- Major support at $100,500.
- Further losses could lead to the $88,800 support level.
Technical indicators show MACD losing bullish momentum and RSI below 50.