Recently, Bitcoin (BTC) price experienced a strong rebound, briefly reaching the 105,000 USD mark in the short term.
However, with profit-taking occurring, the price is currently experiencing a technical adjustment.
Overall, despite the bulls still trying to maintain an upward trend, the short-term trend has shown certain pullback pressure.
Bitcoin retreated after rising to 105,000 USD.
Bitcoin rebounded from the technical support level at 102,500 USD, the bulls successfully broke through the initial resistance at 103,500 USD, and further rose above 104,200 USD.
Subsequently, the price reached a maximum of 104,980 USD, creating the peak of this rebound.
However, after being blocked at high levels, BTC price began to weaken and fell below the 23.6% Fibonacci retracement level of the rise range between 100,772 USD and 104,980 USD.
At the same time, from the hourly chart, the price has also fallen below the rising trendline support connecting 103,600 USD, currently trading below 103,500 USD and has fallen below the 100-hour simple moving average.
Short-term key support and rebound resistance levels
Currently, market bulls are attempting to rebuild support near 102,850 USD, which is also close to the 50% Fibonacci retracement level of this rebound range, technically having certain buying support.
Key support levels include:
102,850 USD (Current short-term buying attempt)
101,750 USD (Previous pullback low)
100,500 USD (Previous high retest level)
98,800 USD (Psychological and technical dual support)
Upside rebound resistance levels include:
103,600 USD (First test resistance after trendline breakdown)
104,200 USD (Previous breakout confirmation point)
105,000 USD (Stage strong resistance)
106,500 USD / 108,000 USD (If the bulls continue the trend)
If the price strongly breaks through the 105,000 USD area, it may open up further upward movement to 106,500 USD and even 108,000 USD, marking a return of the bulls' initiative.
Technical indicators show short-term pressure.
MACD indicator (1-hour chart): Currently in the bearish zone, with momentum showing a downward trend, indicating that short-term pressure still exists.
RSI indicator (1-hour chart): Has fallen below the 50 midline, indicating insufficient buying momentum, and may still face volatility or pullback risks.
Summary: Is the pullback a buildup for further upward movement? The key lies in maintaining support.
Bitcoin is currently in a phase of adjustment, with the range of 102,850 USD to 101,750 USD forming a short-term support zone. If maintained, it may challenge the resistance areas of 104,200 USD and 105,000 USD again.
Once it breaks below 100,500 USD or 98,800 USD, be cautious of a deeper correction.
