Bitcoin price started a short-term downside correction after setting a new all-time high. BTC is consolidating above $101,000 and might aim for a fresh increase.
Bitcoin price started a decent upward move above the $102,000 zone. BTC was able to climb above the $104,500 and $103,800 levels.
The bulls even pushed the price above the $107,000 level. The price traded to a new all-time high at $109,112 and recently there was a downside correction. There was a drop below the $104,500 and $103,500 levels. The price even dipped below $102,000.
A low was formed at $100,114 and the price is now rising. There was a move toward the 23.6% Fib retracement level of the recent decline from the $109,112 swing high to the $100,114 low.
Bitcoin price is now trading below $104,500 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $104,000 level. Besides, there is a connecting bearish trend line forming with resistance at $104,000 on the hourly chart of the BTC/USD pair.
The first key resistance is near the $104,500 level or the 50% Fib retracement level of the recent decline from the $109,112 swing high to the $100,114 low.
A clear move above the $104,500 resistance might send the price higher. The next key resistance could be $106,500. A close above the $106,500 resistance might send the price further higher. In the stated case, the price could rise and test the $108,000 resistance level. Any more gains might send the price toward the $109,500 level.
If Bitcoin fails to rise above the $104,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $100,500 level. The first major support is near the $100,000 level.
The next support is now near the $98,800 zone. Any more losses might send the price toward the $96,500 support in the near term.
Technical indicators:
Hourly MACD The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) The RSI for BTC/USD is now below the 50 level.
Major Support Levels $100,500, followed by $100,000.
Major Resistance Levels $104,000 and $105,500.