Bitcoin Price Dips Sharply Below $102K as Profit-Taking Accelerates

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Bitcoin price started a fresh decline and tested the $100,500 zone. BTC is now consolidating and might extend losses below the $100,000 level.

  • Bitcoin started a fresh decline below the $104,000 zone.

  • The price is trading below $104,000 and the 100 hourly Simple moving average.

  • There was a break below a key bullish trend line with support at $104,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).

  • The pair could start a fresh decline if it breaks the $100,500 support zone.

Bitcoin Price Dips Further

Bitcoin price started a fresh decline and traded below the $104,500 support zone. BTC even settled below the $104,200 level to enter a short-term bearish zone.

Besides, there was a break below a key bullish trend line with support at $104,600 on the hourly chart of the BTC/USD pair. Finally, the pair tested the $100,500 support zone. A low was formed at $100,400 and the price is now consolidating losses.

There was a move above the $101,500 level. BTC tested the 23.6% Fib retracement level of the recent decline from the $106,820 swing high to the $100,400 low.

Bitcoin is now trading below $103,000 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $102,000 level. The first key resistance is near the $103,200 level. The next key resistance could be $103,600. It is close to the 50% Fib retracement level of the recent decline from the $106,820 swing high to the $100,400 low.

Bitcoin Price

A close above the $103,600 resistance might send the price further higher. In the stated case, the price could rise and test the $104,200 resistance level. Any more gains might send the price toward the $105,000 level.

More Losses In BTC?

If Bitcoin fails to rise above the $103,200 resistance zone, it could start another decline. Immediate support is near the $101,200 level and the trend line. The first major support is near the $100,500 level.

The next support is now near the $100,000 zone. Any more losses might send the price toward the $98,500 support in the near term. The main support sits at $97,200, below which BTC might gain bearish momentum.

Technical indicators:

  • Hourly MACD – The MACD is now gaining pace in the bearish zone.

  • Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

  • Major Support Levels – $101,200, followed by $100,500.

  • Major Resistance Levels – $102,000 and $103,600.

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

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