Bitcoin Price Stuck in Range — Short-Term Bearish Pressure Mounts

Bitcoin price started a fresh increase and tested the $105,000 zone. BTC is now correcting gains with a short-term bearish angle below $103,500.

• Bitcoin started a correction from the $105,000 resistance zone.
• The price is trading below $103,800 and the 100 hourly Simple moving average.
• There was a break below a connecting bullish trend line with support at $103,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could dip further if it stays below the $105,000 zone.

Bitcoin Price Corrects Gains

Bitcoin price started a fresh increase from the $102,500 support zone. BTC formed a base and was able to clear the $103,500 resistance zone. Moreover, the bulls even pushed the price above $104,200.

The pair spiked toward $105,000. A high was formed at $104,980 and the price is now correcting gains. There was a move below the 23.6% Fib retracement level of the upward move from the $100,772 swing low to the $104,980 high.

Besides, there was a break below a connecting bullish trend line with support at $103,600 on the hourly chart of the BTC/USD pair. Bitcoin is now trading below $103,500 and the 100 hourly Simple moving average.

However, the bulls are now active near the $102,850 level and the 50% Fib retracement level of the upward move from the $100,772 swing low to the $104,980 high. On the upside, immediate resistance is near the $103,600 level. The first key resistance is near the $104,200 level.

The next key resistance could be $105,000. A close above the $105,000 resistance might send the price further higher. In the stated case, the price could rise and test the $106,500 resistance level. Any more gains might send the price toward the $108,000 level.

More Losses In BTC?

If Bitcoin fails to rise above the $104,200 resistance zone, it could start another downside correction. Immediate support is near the $102,850 level. The first major support is near the $101,750 level.

The next support is now near the $100,500 zone. Any more losses might send the price toward the $100,000 support in the near term. The main support sits at $98,800.

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 – $102,850, followed by $101,750.

Major Resistance Levels – $104,200 and $105,000.