Bitcoin Price Wobbles: Correction or Consolidation?
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Bitcoin's price recently experienced a decline, dipping below the $105,650 support level and testing the $104,200 zone before consolidating losses. A low of $104,279 was established, followed by a recovery above $104,500, reaching the 23.6% Fibonacci retracement level of the recent decline from $106,820. Currently, Bitcoin trades below the $106,000 level and the 100-hourly Simple Moving Average. A bullish trend line with support at $104,450 is forming on the hourly chart. The price faces immediate resistance near $105,500 (close to the 50% Fibonacci retracement level) and stronger resistance at $106,220 and $106,800. Clearing $106,800 could propel Bitcoin towards $107,500 and potentially $110,000. Conversely, failure to surpass the $106,000 resistance might trigger another decline, with support levels at $104,500, $104,200, $103,200, $102,500, and a major support at $101,200. Technical indicators show the hourly MACD losing momentum in the bullish zone, and the RSI is below 50, suggesting weakening bullish sentiment. The situation presents a complex scenario, where a potential correction is countered by the presence of a bullish trend line and support levels. The immediate future of Bitcoin's price remains uncertain, dependent on whether it can break through key resistance levels or succumb to further downward pressure.
(Source: https://www.newsbtc.com/analysis/btc/bitcoin-price-slips-104200/)
