Bitcoin's recent upward momentum faced a setback as its price hovered near $107,000 before entering a correction phase. Currently, Bitcoin is approaching the $100,000 level, where it may find short-term support.
The cryptocurrency began retreating from the $107,000 range. It is now trading below $101,000 and is under the 100-hourly Simple Moving Average. Notably, there was a breach below a connecting bullish trend line at $104,800 on the hourly BTC/USD chart, according to Kraken data.
Should Bitcoin maintain above the $100,000 support zone, it could initiate another upward movement.
Bitcoin experienced a considerable upward rally, surpassing the $105,500 threshold, and further advancing above $106,000 and $106,500. Bulls managed to push the price beyond $107,000; however, resistance was met, leading to a peak at $107,080. This triggered a correction, bringing the price below the $105,000 mark. The decline also breached the bullish trend line support at $104,800 on the hourly chart, reaching a low around $100,700 before stabilizing.
Presently, Bitcoin is trading under $101,500 and the 100-hourly Simple Moving Average. Immediate resistance is identified near $102,200, aligned with the 23.6% Fibonacci retracement from the recent $107,080 high to $100,700 low. The primary resistance is around the $104,000 level, which corresponds with the 50% Fibonacci retracement. A firm move above this level could pave the way for a rise towards $105,000. Securing a position above $105,000 may drive the price upwards, testing the $106,200 level and potentially retargeting $107,000.
Conversely, if Bitcoin struggles to breach the $102,200 resistance, it may undergo further downside adjustments. Initial support lies near $100,500, with a critical support zone around $100,000. Further declines could push the price down to $88,500, aiming toward $86,500 in the near term, experts claim.