Bitcoin price started a downside correction below the $105,000 support. BTC ibitcoinbitvs now consolidating and might find bids near $100,200.
Bitcoin Price Consolidates Lb
After trading to a new all-time high at $111,880, Bitcoin price started a downside correction. There was a move below the $110,00 and $108,000 support levels. More importantly, there was a move belobitcoinw a bullish trend line with support at $105,000 on the daily chart.
BTC slipped 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 $100,200 support zone and the 50-day simple moving average (blue).
Bitcoin price is now consolidating losses above the $100,000 level and the 50-day simple moving average (blue). There is also another bullish trend line with support at $100,000 on the same chart.
The current price action suggests that the price could consolidate for some more time before there could be a fresh increase. On the upside, immediate resistance is near the $103,000 level. The first major resistance is near the $104,000 level.
The main resistance could be near the $105,000 zone. A close above the $105,000 resistance might spark more upsides. In the stated case, the price could attempt a move toward the $106,500 level. The next stop BTC price could be the $108,000 level, above which the price could rise toward the $110,000 level. Any more gains might call for a test of $112,000.
More Losses In BTC?
If the bulls fail to start a fresh increase above $103,000, Bitcoin price could continue to move down. Immediate support is near the trend line, the 50-day simple moving average (blue), and $100,000.
A downside break and close below the $100,000 support might spark more losses and send the price further lower. In the stated case, Bitcoin could test the $96,000 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 face heavy selling pressure. In the stated case, the price could test the $88,500 support. Any more losses might call for the test of the 76.4% Fib retracement level of the upward move from the $74,501 swing low to the $111,880 high at $83,300.
Overall, Bitcoin is showing a few bearish signs, but it is testing the key support at $100,000. If BTC dips further, the bulls could protect the $93,200 support zone in the coming days.
