The price of Bitcoin drops dramatically below $102,000 as profit-taking accelerates
The price of Bitcoin began a new decline and tested the zone of $100,500. $BTC is consolidating and could extend losses below the level of $100,000.
Bitcoin started a new drop below the zone of $104,000.
The price is trading below $104,000 and the simple moving average of 100 hours.
There was a break below a key upward trend line with support at $104,600 on the hourly chart of the BTC/USD pair (data from Kraken).
The pair could start a new descent if it breaks the support zone of $100,500.
The price of Bitcoin falls further
The price of Bitcoin began a new decline and traded below the support of $104,500. BTC even stabilized below the level of $104,200, entering a short-term bearish zone.
Additionally, there was a break below a key upward trend line with support at $104,600 on the hourly chart of the BTC/USD pair. Finally, the pair tested the support zone of $100,500. A low was formed at $100,400 and the price is consolidating losses.
There was a move above the level of $101,500. BTC tested the 23.6% Fibonacci retracement level of the recent drop, from the high of $106,820 to the low of $100,400.
Bitcoin is currently trading below $103,000 and the simple moving average of 100 hours. On the upside, immediate resistance is near the level of $102,000. The first key resistance is near the level of $103,200. The next key resistance could be $103,600. It is near the 50% Fibonacci retracement level of the recent drop, from the high of $106,820 to the low of $100,400.
