Bitcoin Price Tests $108,800 Resistance While Correcting Below $108,000

Bitcoin Price Update

Bitcoin price increased above $107,000, testing the $108,800 zone.
Current trading at approximately $106,800, above the 100 hourly Simple Moving Average.
Break below bullish trend line support at $107,800 observed on the BTC/USD hourly chart.
Support levels identified at $106,700 and $105,500; major support at $102,000.
Immediate resistance near $107,600 with key resistance at $108,000 and $108,800.
A close above $108,800 could lead to further increases towards $110,000 and potentially $112,000.
If resistance at $108,000 holds, potential declines may target $106,200 and $103,500.

Technical indicators show bearish momentum in MACD; RSI near the 50 level.