Bitcoin’s price has started a new rally above the $102,500 area, however, it is now experiencing a correction of its gains and is trading below the resistance zone of $103,500. This development signals a significant increase in Bitcoin from the resistance zone of $102,500.
Bitcoin’s price is currently below $104,000, and it is trading beneath the 100-hourly Simple Moving Average. The BTC/USD pair had a break below a recently formed bullish trendline with a support level at $103,900, according to data from Kraken.
The pair could initiate a new increase if it can clear the $103,500 zone. Bitcoin’s price started a new rally from its support zone of $98,500. After forming a base, Bitcoin managed to break through the resistance zone of $100,000. This caused the bulls to push the price above $103,000.
Bitcoin’s price spiked to over $105,500, testing $105,800. The price is now correcting its gains following a high of $105,728. Technical indicators currently show that the MACD is slowing down in the bullish zone, and the RSI for BTC/USD is now below the 50 level.
However, the bulls are actively protecting the $100,800 support and the 50% Fib retracement level of the upward move from $95,825 to $105,728. On the upside, the immediate resistance is near the $103,500 level, and the first critical resistance is close to the $104,000 level.
If Bitcoin cannot break through the $103,500 resistance zone, it could trigger another downside correction. The immediate support on the downside is near the $101,500 level, with significant support near the $100,800 level. Any further losses might push the price towards the $98,800 support in the near term, with the main support sitting at $97,500.
