$BTC The price of Bitcoin is stagnating in a range — Short-term bearish pressure is increasing.

The price of Bitcoin started a new increase and tested the $105,000 zone. @BTC is now correcting gains with a short-term bearish angle below $103,500.

Bitcoin began a correction from the $105,000 resistance zone.

The price is trading below $103,800 and the simple moving average of 100 hours.

There was a break below an upward trendline connecting with support at $103,600 on the hourly chart of the BTC/USD pair (data source from Kraken).

The pair could fall further if it stays below the $105,000 zone.

The price of Bitcoin is correcting gains.

The price of Bitcoin started a new increase from the support zone of $102,500. BTC formed a base and managed to clear the resistance zone of $103,500. Furthermore, the bulls even pushed the price above $104,200.

The pair rose towards $105,000. A high was formed at $104,980 and the price is now correcting gains. There was a move below the 23.6% Fibonacci retracement level of the upward movement from the swing low of $100,772 to the swing high of $104,980.

Additionally, there was a break below an upward trendline connecting with support at $103,600 on the hourly chart of the BTC/USD pair. Bitcoin is now trading below $103,500 and the simple moving average of 100 hours.

However, the bulls are now active near the $102,850 level and the 50% Fibonacci retracement level of the upward movement from the swing low of $100,772 to the swing high of $104,980. At the top, immediate resistance is near the $103,600 level. The first key resistance is near the $104,200 level.