🚨 BTC Fails to Break Resistance — Is This the Start of a Bigger Drop?

Bitcoin fell below $106,800 again. BTC consolidates and faces resistance at $106,200.

Bitcoin resumed its slide below $106,200.
The price is below $106,800 and the 100-hour SMA.

The hourly BTC/USD chart shows a short-term triangle with support near $104,200.

If it remains over $103,500, the pair may rise again.

Bitcoin Drops Again

After failing to break $108,800, bitcoin price fell again. BTC fell below $108,000 and $107,000.

A clear drop below $106,200 support. Last, the price tested $103,500. After a low of $103,400, the price is consolidating losses. The 23.6% Fib retracement level of the decline from the $108,924 swing high to the $103,400 low was slightly exceeded.

Bitcoin has fallen below $106,800 and the 100-hour SMA. The hourly BTC/USD chart shows a short-term triangle with support near $104,200.

Close to $105,200 is immediate upward barrier. First major resistance is around $105,500. The next hurdle may be $106,200. It is around the 50% Fib retracement of the $108,924 swing high to $103,400 low decline.

A closing above $106,200 barrier might boost prices. The price may increase to $108,000 resistance. Further advances might push the price beyond $110,000.

More BTC losses?

Bitcoin may fall again if it fails to break $106,200. Support around $104,200 is immediate. First substantial support is about $103,500.

Next support is presently around $BTC 102,500. More losses might push the price toward $101,200. BTC may go below $100,000, the primary support.

The technical indications

Hourly MACD - MACD is falling in the negative zone.

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

Major Support Levels: $104,200, $103,500.

Key Resistance Levels: $105,500, $106,200.

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