Bitcoin Attempts Recovery Above $108,000 Amid Resistance Challenges
Bitcoin's price is attempting a recovery, targeting levels above $107,500 and $108,000. A rise past the $109,500 barrier could lead to further gains.
- Bitcoin initiated a recovery wave crossing the $108,000 resistance level.
- The price remains below $109,000 and the 100 hourly Simple Moving Average.
- A short-term declining channel shows resistance at $108,800 on the BTC/USD hourly chart.
- A move above $109,500 could continue upward momentum.
Current Price Analysis
After falling below $109,500, Bitcoin tested the $106,750 zone, consolidating losses with a low of $106,717. It has rebounded above $107,500 and $108,000 but faces significant resistance.
The price is under $109,000 and the 100 hourly SMA. Immediate resistance is at $108,800, with key resistance at $109,500. Surpassing $110,500 might push the price higher to test $111,500 and possibly $113,500.
Potential Downside Risks
If Bitcoin doesn't exceed $109,500, it may decline again. Immediate support lies at $107,200, with major support at $106,750. More declines could see support at $105,800 and $105,000, with primary support at $103,500.
Technical Indicators:
- Hourly MACD indicates slowing in the bearish zone.
- Hourly RSI for BTC/USD is near 50.
- Major Support Levels: $108,000, $106,750.
- Major Resistance Levels: $109,500, $110,500.