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Breaking News: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing

Bitcoin Price Nosedives—Profit-Taking Sparks Sudden Correction

Aayush Jindal
Aayush Jindal
1 month ago
2 mins read
Bitcoin Bears Tighten Grip

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Bitcoin price started a fresh decline below the $105,500 zone. BTC is now consolidating and struggling to stay above the $103,200 support.

  • Bitcoin started a fresh decline below the $106,500 and $105,500 levels.
  • The price is trading below $106,500 and the 100 hourly Simple moving average.
  • There is a key bearish trend line forming with resistance at $106,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a fresh recovery wave if it clears the $105,500 resistance zone.

Bitcoin Price Dips Sharply

Bitcoin price started a fresh decline after it failed to clear the $110,500 resistance zone. BTC declined below the $107,500 and $106,500 support levels.

The price even dipped below the $104,200 support level. Finally, it tested the $103,000 zone. A low was formed at $103,078 and the price is now consolidating losses below the 23.6% Fib level of the recent decline from the $110,273 swing high to the $103,078 low.

Bitcoin is now trading below $105,500 and the 100 hourly Simple moving average. There is also a key bearish trend line forming with resistance at $106,600 on the hourly chart of the BTC/USD pair.

On the upside, immediate resistance is near the $104,200 level. The first key resistance is near the $105,500 level. The next key resistance could be $106,600 and the 50% Fib retracement level of the recent decline from the $110,273 swing high to the $103,078 low.

Bitcoin Price
Source: BTCUSD on TradingView.com

A close above the $106,600 resistance might send the price further higher. In the stated case, the price could rise and test the $108,000 resistance level. Any more gains might send the price toward the $110,000 level.

More Losses In BTC?

If Bitcoin fails to rise above the $105,500 resistance zone, it could start another decline. Immediate support is near the $103,000 level. The first major support is near the $102,350 level.

The next support is now near the $101,500 zone. Any more losses might send the price toward the $100,500 support in the near term. The main support sits at $100,000, below which BTC might gain bearish momentum.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $103,000, followed by $102,350.

Major Resistance Levels – $104,200 and $105,500.

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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