Bitcoin Price Dips Deeper Into Red — Traders Eye Next Support Near $105,500


Bitcoin value is struggling to settle above $112,500 and $113,000. BTC is now shifting decrease and would possibly begin one other decline beneath $108,000.

  • Bitcoin began a contemporary decline after it did not clear the $113,000 resistance stage.
  • The value is buying and selling beneath $110,000 and the 100 hourly Easy shifting common.
  • There’s a bearish pattern line forming with resistance at $110,500 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair would possibly proceed to maneuver down if it trades beneath the $107,500 zone.

Bitcoin Value Dips Once more

Bitcoin value did not surpass the $113,000 resistance stage and began a contemporary decline. BTC dipped beneath the $112,000 and $110,500 help ranges to enter a bearish zone.

The value even dipped beneath $108,000. A low was shaped at $107,483 and the worth is now consolidating losses beneath the 23.6% Fib retracement stage of the latest decline from the $115,975 swing excessive to the $107,483 low.

Bitcoin is now buying and selling beneath $110,000 and the 100 hourly Simple moving average. Moreover, there’s a bearish pattern line forming with resistance at $110,500 on the hourly chart of the BTC/USD pair. Rapid resistance on the upside is close to the $109,500 stage.

Bitcoin Price
Supply: BTCUSD on TradingView.com

The primary key resistance is close to the $110,000 stage. The subsequent resistance could possibly be $110,500 and the pattern line. An in depth above the $110,500 resistance would possibly ship the worth additional larger. Within the said case, the worth might rise and check the $111,800 resistance since it’s near the 50% Fib retracement stage of the latest decline from the $115,975 swing excessive to the $107,483 low. Any extra positive factors would possibly ship the worth towards the $112,500 stage. The subsequent barrier for the bulls could possibly be $113,000.

One other Decline In BTC?

If Bitcoin fails to rise above the $110,000 resistance zone, it might begin a contemporary decline. Rapid help is close to the $108,000 stage. The primary main help is close to the $107,500 stage.

The subsequent help is now close to the $106,200 zone. Any extra losses would possibly ship the worth towards the $105,500 help within the close to time period. The primary help sits at $103,200, beneath which BTC would possibly battle to recuperate within the brief time period.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bearish zone.

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now beneath the 50 stage.

Main Help Ranges – $108,000, adopted by $107,500.

Main Resistance Ranges – $110,000 and $110,500.



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