Bitcoin Rejected at $110K — Bulls Face Fresh Resistance

Bitcoin fell again from $110,000. BTC is falling and may go below $107,500.

Bitcoin fell again from $110,000.

The price is below $108,500 and the 100-hour SMA.

BTC/USD broke below a positive trend line with support around $108,200 on the hourly chart.

If it remains over $106,500, the pair may rise again.

Bitcoin Drops Again

Bitcoin price surged after breaking $108,500 barrier. It crossed numerous obstacles around $109,000 to start a good climb, but not $110,000.

After hitting $109,700, the price fell. Prices fell below $109,200 and $108,500. Additionally, the hourly BTC/USD chart broke below a crucial bullish trend line with support around $108,200.

Bitcoin has fallen below $108,500 and the 100-hour SMA. Resistance at $108,150 is imminent on the upside. The 23.6% Fib retracement level of the decline from the $109,700 swing high to the $107,674 low is near.

The first important barrier is $108,500, the 50% Fib retracement level of the decline from $109,700 swing high to $107,674 low. A closing above $108,500 barrier might boost prices. If the price rises, it may challenge $110,000 resistance. More advances might push the price beyond $112,000. The primary goal may be $115,000.

More BTC losses?
Bitcoin may fall again if it fails to break $108,500. Near $107,500 is immediate help. Near $106,500 is the first substantial sponsorship.

Around $105,500 is the next support. More losses might push the price toward $104,200. BTC may go below $103,500, the primary support.

The technical indications

Hourly MACD - The negative zone is strengthening.

Relative Strength Index hourly BTC/USD RSI is below 50.

Major Support Levels: $107,500, $106,500.

Major resistance: $108,500 and $106,500.

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