Bitcoin price started a downside correction below the $105,500 support. BTC is now consolidating and might find bids near $102,500.
Bitcoin Price Dips Again
Recently, Bitcoin price made another attempt to gain pace for a move above the $110,000 resistance zone. However, the bears remained active near the $110,500 zone. The bulls failed to push BTC to a new all-time high. As a result, there was a fresh bearish reaction.
The price dipped below the $107,000 and $105,000 levels. The bears pushed the price again below the 23.6% Fib retracement level of the upward move from the $74,501 swing low to the $111,880 high. Finally, the price tested the $103,000 support zone and the 50-day simple moving average (blue).
Bitcoin price is now consolidating losses above the $103,000 level and the 50-day simple moving average (blue). There is also a key bullish trend line forming with support at $101,500 on the same chart.
The current price action suggests that the price could consolidate for some more time before the next move. If the bulls remain active above the $100,000 zone, there could be a fresh increase. On the upside, immediate resistance is near the $104,500 level. The first major resistance is near the $105,500 level.
The main resistance could be near the $108,000 zone. A close above the $108,000 resistance might spark more upsides. In the stated case, the price could attempt a move toward the $108,800 level. The next stop BTC price could be the $110,000 level, above which the price could rise toward the $112,000 level. Any more gains might call for a test of $115,000.
More Losses In BTC?
If the bulls fail to start a fresh increase above $105,000, Bitcoin price could continue to move down. Immediate support is near the 50-day simple moving average (blue), the trend line, and $102,000.
A downside break and close below the $102,000 support might spark more losses and send the price further lower. In the stated case, Bitcoin could test the $100,000 support. The next key support could be $93,200. It is near the 50% Fib retracement level of the upward move from the $74,501 swing low to the $111,880 high.
If the bulls fail to protect the $93,200 zone, the price could start a major decline. In the stated case, the price could test the $90,500 support. Any more losses might call for the test of the 61.8% Fib retracement level of the upward move from the $74,501 swing low to the $111,880 high at $88,750.
Overall, Bitcoin is again moving lower below the $105,000 level. If BTC dips further, there could be a sharp decline below the $100,000 support level.
