Bitcoin price started a fresh upward move above $100,coinmarketcap000. BTC is facing resistance at $103,000 and might aim for an upside break.
Bitcoin started a decent upward move above the $100,000 zone.
The price is trading below $103,200 and the 100 hourly Simple moving average.
There is a key bearish trend line forming with resistance at $102,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another decline if it stays below the $103,000 zone.
Bitcoin Price Holds Support
Bitcoin price started a fresh decline below the $103,000 and $102,500 levels. BTC even dipped below the $100,000 level before the bulls appeared. A low was formed at $97,688 and the price is now correcting losses.
There was a move above the $99,800 and $100,500 levels. The bulls pushed the price above the 50% Fib retracement level of the downward wave from the $107,080 swing high to the $97,688 low. However, the bears are active near the $103,000 zone.
There is also a key bearish trend line forming with resistance at $102,800 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading below $103,200 and the 100 hourly Simple moving average.
On the upside, immediate resistance is near the $102,500 level. The first key resistance is near the $103,000 level. The next key resistance could be $103,500 and the 61.8% Fib retracement level of the downward wave from the $107,080 swing high to the $97,688 low.
A close above the $103,500 resistance might send the price further higher. In the stated case, the price could rise and test the $105,000 resistance level. Any more gains might send the price toward the $107,000 level.
Another Decline In BTC?
If Bitcoin fails to rise above the $103,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $101,200 level. The first major support is near the $100,500 level.
The next support is now near the $100,000 zone. Any more losses might send the price toward the $88,800 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $101,200, followed by $100,500.
Major Resistance Levels – $102,500 and $103,000.
%20[21.16.53,%2010%20May,%202024]-638509666777022666.png "Bitcoin Weekly Forecast: Why BTC is close to a bottom")