Bitcoin Price Struggles at $100K: Is The Rally Losing Steam?
Bitcoin price struggled to break above the $102,000 resistance. BTC is correcting gains and may test the $97,500 support area.
- Bitcoin started a downward correction from the $102,000 area.
- The price is trading above $98,000 and the 100 hourly simple moving average.
- There is a break above a connecting bullish trend line with support at $101,000 on the hourly chart of the BTC/USD pair (data feed via Kraken).
- If the pair holds above the $97,500 support area, a fresh increase may begin.
Bitcoin price drops again
Bitcoin Price Forms Base and Starts fresh addition Above the $98,800 area. The price broke above the $99,200 and $99,500 levels.
The price even broke above the $100,000 level, but bears were active near the $102,000 zone. A high was formed at $102,500 and the price is now consolidating gains. It is slowly moving lower below the 23.6% Fib retracement level of the recent swing from the $94,315 low to $102,500 high.
There was a break above the connecting bullish trend line with support at $101,000 on the hourly chart of the BTC/USD pair. Bitcoin price is currently trading above $98,000 100 hour simple moving average.
On the upside, the price may face resistance near the $100,500 level. The first key resistance is near $101,500. A clear break above the $101,500 resistance could lead to a move higher. The next key resistance level is likely to be $102,000. A close above the $102,000 resistance could lead to further gains.
In the above scenario, the price may rise and test the $104,000 resistance. In case of further gains, the price may rise towards the $105,000 level.
More Bitcoin losses?
If Bitcoin fails to break above the $102,000 resistance, it may continue to fall. Immediate support on the downside lies near the $98,400 level, which is the 50% Fibonacci retracement level of the recent swing from the $94,315 low to $102,500 high.
The first major support level is located near $97,500. The next support is near the $96,250 area. Any further losses could push the price towards the $95,000 support in the short term.
Technical indicators:
Hourly MACD – The MACD is currently accelerating in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level.
The main support is at $98,400, followed by $97,500.
Major resistance levels – $102,000 and $104,000.
