Bitcoin has recently encountered resistance near the $107,000 level, resulting in a minor correction. As of now, BTC is approaching the critical $100,000 mark, which could potentially attract buying pressure in the near term.
The cryptocurrency initially saw upward movement above $105,500, briefly breaking key resistance levels such as $106,000 and $106,500. However, after reaching the $107,000 peak, the bears took control, causing a pullback that has seen Bitcoin’s price dip below $103,500 and even break the support of a bullish trend line at $104,800. Despite these challenges, Bitcoin’s price has found temporary support around the $100,700 level, and a recovery could be on the horizon if it maintains the $100,000 support zone.
Currently, Bitcoin is trading below its 100-hourly Simple Moving Average, with resistance coming in around $102,200, followed by $104,000. A successful break above these levels could signal a renewed bullish momentum, potentially leading to a push towards $105,000 or even a test of the $106,200 resistance zone. With these targets in sight, a break above $107,000 remains a possibility if the market gains traction.
However, Bitcoin’s price could face further downside if it struggles to surpass $102,200 resistance. In such a case, the next major support levels are $100,500 and $100,000, with additional support further down at $88,500. If these levels fail to hold, further declines could push Bitcoin towards the $86,500 range.
Key Technical Indicators
Hourly MACD: Currently showing bearish momentum.
Hourly RSI: Below the 50-mark, indicating a slight downward pressure.
Key Support Levels:
$100,500, $100,000.
Key Resistance Levels:
$102,200, $104,000.
In conclusion, Bitcoin’s recent price pullback might be a temporary dip, offering a potential launchpad for a move back toward $100K, provided the critical support levels hold and a breakout occurs above resistance.
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