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Bitcoin News: Price Faces Downward Pressure
Bitcoin price has recently embarked on a sharp descent, breaching the $104,000 mark and plummeting toward the $100,500 support level. This significant drop has placed Bitcoin into a consolidation phase, with potential further losses looming below the $100,000 threshold. In the latest bitcoin news, analysts are closely monitoring these developments as the cryptocurrency tests critical support zones.
Recent Movements and Technical Breakdown
Starting its decline from above $104,000, Bitcoin has now settled below both the $104,200 level and the 100-hourly Simple Moving Average, indicating a firm entry into a bearish zone. A pivotal moment occurred with the breakdown of a key bullish trend line at $104,600 on the BTC/USD hourly chart. This set the stage for the cryptocurrency to test the $100,500 support zone, marking a low at $100,400 before slightly recovering.
As Bitcoin attempts to mitigate losses, it briefly climbed above $101,500, testing the 23.6% Fibonacci retracement level from the recent high of $106,820 to the low of $100,400. However, resistance looms large ahead, with $102,000 as the immediate hurdle followed by significant levels at $103,200 and $103,600—the latter near the 50% Fibonacci retracement.
Potential Scenarios: Recovery or Further Declines?
If Bitcoin manages to push past the $103,600 resistance, it could pave the way for a rise toward the $104,200 and potentially the $105,000 marks. Conversely, failure to overcome the $103,200 resistance might trigger another downturn. Immediate support is found near $101,200, with major support subsequently at $100,500. A break below this could see Bitcoin targeting the $98,500 support, with a crucial base forming near $97,200, beneath which the bearish momentum could intensify.
Key Technical Indicators
– Hourly MACD: Currently accelerating in the bearish zone.
– Hourly RSI (Relative Strength Index): Remains below the midpoint at 50, suggesting bearish undertones.
Support and Resistance Levels to Watch
– Major Support Levels: $101,200 followed by $100,500.
– Major Resistance Levels: $102,000 and $103,600.
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