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Bitcoin News: Price Consolidation and Resistance Challenges
Bitcoin price has initiated another downturn, breaching the $104,200 support level, sparking concerns about further declines in the market. The current consolidation phase above $104,000 suggests that Bitcoin might face difficulties overcoming the $106,800 resistance bracket.
In recent developments, Bitcoin dropped below the $106,000 mark and is currently trading beneath the 100 hourly simple moving average. A notable bullish trend line is providing support at $104,450 on the hourly charts of the BTC/USD pair, according to data from Kraken. If Bitcoin manages to surpass the $106,800 resistance, there could be potential for an upward trajectory.
Current Market Dynamics
After sliding below the $105,650 support, Bitcoin tested the lower $104,200 zone. The cryptocurrency briefly dipped to a low of $104,279 before regaining some ground. The minor rebound above $104,500 aligns with the 23.6% Fibonacci retracement level of the recent drop from the $106,820 high to the $104,279 low.
Currently, Bitcoin is positioned below the critical $106,000 level alongside the 100 hourly SMA. The hourly chart also features a connecting bullish trend line with support near $104,450. Resistance is imminent at $105,500, near the 50% Fib retracement level, with further key resistance levels at $106,220 and $106,800. A successful break above these could potentially push the price towards the $107,500 and possibly up to the $110,000 mark.
Potential for Further Downturns
Should Bitcoin fail to ascend past the $106,000 resistance zone, it might trigger another decline. Immediate support is found near the $104,500 level along the trend line, with major support following at $104,200. Additional support is positioned near the $103,200 zone, and a decline beyond this could lead Bitcoin towards the $102,500 support in the near term.
The primary support rests at $101,200; falling below this level might significantly bolster bearish momentum. The hourly MACD is showing a reduction in bullish pace, and the Relative Strength Index (RSI) for BTC/USD is currently below the 50 level, indicating potential challenges ahead.
For more detailed analyses and updates on Bitcoin and other financial news, consider visiting [Financier News](https://www.financier.news/).
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