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Bitcoin price is attempting to recover above $107,500 and $108,000. BTC could continue to move up if it clears the $109,500 resistance zone.
Bitcoin price failed to surpass the $110,000 resistance level and started a fresh decline. BTC dipped below the $108,000 and $106,500 support levels to enter a bearish zone.
The price even dipped below $105,000. A low was formed at $103,583 and the price is correcting some losses. There was a move above the 23.6% Fib retracement level of the recent decline from the $115,975 swing high to the $103,583 low.
Besides, there was a break above a bearish trend line with resistance at $107,500 on the hourly chart of the BTC/USD pair. Bitcoin is now trading above $108,000 and the 100 hourly Simple moving average.
Immediate resistance on the upside is near the $109,500 level. The first key resistance is near the $110,000 level. The next resistance could be $111,250 and the 61.8% Fib retracement level of the recent decline from the $115,975 swing high to the $103,583 low.
A close above the $111,250 resistance might send the price further higher. In the stated case, the price could rise and test the $112,500 resistance. Any more gains might send the price toward the $113,200 level. The next barrier for the bulls could be $115,000.
If Bitcoin fails to rise above the $110,000 resistance zone, it could start a fresh decline. Immediate support is near the $108,000 level. The first major support is near the $107,500 level.
The next support is now near the $106,200 zone. Any more losses might send the price toward the $105,500 support in the near term. The main support sits at $103,500, below which BTC might struggle to recover in the short term.
Technical indicators:
Hourly MACD The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) The RSI for BTC/USD is now above the 50 level.
Major Support Levels $108,000, followed by $106,500.
Major Resistance Levels $109,500 and $111,250.