Is a Bitcoin Price Breakout Imminent Against Tough Resistance?
Bitcoins price has initiated a new upward trajectory surpassing the $100,000 mark. Currently, BTC is encountering resistance at $103,000 and could potentially aim for a breakout to the upside.
- Bitcoin has commenced a respectable upward movement above the $100,000 threshold.
- Trading beneath $103,200 and the 100-hourly Simple Moving Average, the price faces technical challenges.
- On the hourly chart of the BTC/USD pair sourced from Kraken, a crucial bearish trend line is taking shape with resistance at $102,800.
- If Bitcoin remains below the $103,000 zone, a fresh decline might ensue.
Bitcoin Price Sustains Support
The price of Bitcoin has started a new downtrend below $103,000 and $102,500 levels. Eventually, Bitcoin dipped below $100,000 before bullish momentum resurfaced, establishing a low at $97,688 and now recovering from losses.
After surpassing $99,800 and $100,500 levels, the bulls managed to propel the price above the 50% Fibonacci retracement level from the recent downward movement. Despite this, resistance around the $103,000 mark remains prominent.
Moreover, a significant bearish trend line is forming with resistance at $102,800 on the BTC/USD hourly chart. Bitcoins price is currently positioned below $103,200 and the 100-hourly Simple Moving Average.
Looking ahead, immediate resistance is anticipated near $102,500, followed by a critical hurdle at $103,000. If breached, the next obstacle lies at $103,500 and the 61.8% Fibonacci retracement level.
A breakthrough above the $103,500 resistance could propel the price higher, targeting $105,000. Further gains may elevate the price towards $107,000.
Potential Decline for BTC?
If Bitcoin fails to breach the $103,000 resistance mark, a fresh downtrend could commence. Initial support is expected near $101,200, followed by a major support level at $100,500.
Subsequent support now lies around the $100,000 zone, with further downward movement potentially leading the price towards the $88,800 support level in the near future.
Technical indicators:
Hourly MACD Currently showing deceleration within the bullish region.
Hourly RSI (Relative Strength Index) Situated below the 50 level for BTC/USD.
Major Support Levels $101,200, subsequently $100,500.
Major Resistance Levels $102,500 and $103,000.
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