Bitcoin Rally Fizzles — Bulls Lose Grip Near Resistance Zone

Bitcoin fell again from $108,800. BTC is stabilizing and may break $106,500 resistance.

Bitcoin began a decline from $108,800.
Prices are below $107,000 and the 100-hour Simple moving average.

The hourly BTC/USD chart shows a negative trend line with resistance at $106,000.

If it remains over $105,000, the pair may rise again.

Further Bitcoin Price Drop

Bitcoin price fell after failing to break $108,800. BTC fell below $107,000.

Bears drove the price below $106,000. The price has entered a range below the 23.6% Fib retracement line of the bearish move from the $108,792 swing high to the $105,116 low.

Bitcoin has fallen below $107,000 and the 100-hour SMA. Close to $106,000 is immediate upward barrier. The hourly BTC/USD chart shows a negative trend line with resistance at $106,000.

First major resistance is around $106,500. A closing above $106,500 resistance might boost prices. The price may increase to $107,000 resistance. It is at the 50% Fib level of the $108,792 swing high to $105,116 low decline. More increases might push the price beyond $108,000.

More BTC losses?

Bitcoin may fall again if it fails to break $106,500. Support around $105,500 is immediate. The first substantial support is at $105,000.

Around $104,200 is the next support. More losses might push the price toward $103,500. BTC may go below $102,000, 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: $105,500, $105,000.

Key Resistance Levels: $106,500 and $107,000.

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