Bitcoin Price Slides Lower — Bears Tighten Grip Amid Weak Market Sentiment

Bitcoin worth is trying to get well above $107,500 and $108,000. BTC may rise additional if there’s a clear transfer above the $109,500 barrier.

• Bitcoin began a contemporary restoration wave above the $108,000 resistance stage.
• The worth is buying and selling beneath $109,000 and the 100 hourly Easy shifting common.
• There’s a short-term declining channel forming with resistance at $108,800 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair may proceed to maneuver up if it trades above the $109,500 zone.

Bitcoin Value Takes Hit

Bitcoin worth declined once more beneath the $109,500 stage. BTC examined the $106,750 zone and is at the moment consolidating losses. A low was shaped at $106,717 earlier than the value recovered some losses.

There was a transfer above the $107,500 and $108,000 ranges. The worth climbed above the 23.6% Fib retracement stage of the current decline from the $114,000 swing excessive to the $106,717 low. Nevertheless, the bulls at the moment are dealing with many hurdles.

Bitcoin is now buying and selling beneath $109,000 and the 100 hourly Easy shifting common. Rapid resistance on the upside is close to the $108,800 stage. There’s additionally a short-term declining channel forming with resistance at $108,800 on the hourly chart of the BTC/USD pair.

The primary key resistance is close to the $109,500 stage. The subsequent resistance may very well be $110,500 or the 50% Fib retracement stage of the current decline from the $114,000 swing excessive to the $106,717 low. A detailed above the $110,500 resistance may ship the value additional larger. Within the said case, the value may rise and check the $111,500 resistance. Any extra good points may ship the value towards the $112,000 stage. The subsequent barrier for the bulls may very well be $113,500.

One other Drop In BTC?

If Bitcoin fails to rise above the $109,500 resistance zone, it may begin a contemporary decline. Rapid help is close to the $107,200 stage. The primary main help is close to the $106,750 stage.

The subsequent help is now close to the $105,800 zone. Any extra losses may ship the value towards the $105,000 help within the close to time period. The principle help sits at $103,500, beneath which BTC may battle to get well within the brief time period.

Technical indicators:

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

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now close to the 50 stage.

Main Assist Ranges – $108,000, adopted by $106,750.

Main Resistance Ranges – $109,500 and $110,500.