Bitcoin Price Dips Sharply Below $102K as Profit-Taking Accelerates

Bitcoin price started a fresh decline and tested the $100,500 zone. BTC is now consolidating and might extend losses below the $100,000 level.

• Bitcoin started a fresh decline below the $104,000 zone.
• The price is trading below $104,000 and the 100 hourly Simple moving average.
• There was a break below a key bullish trend line with support at $104,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start a fresh decline if it breaks the $100,500 support zone.

Bitcoin price started a fresh decline and traded below the $104,500 support zone. BTC even settled below the $104,200 level to enter a short-term bearish zone.

Besides, there was a break below a key bullish trend line with support at $104,600 on the hourly chart of the BTC/USD pair. Finally, the pair tested the $100,500 support zone. A low was formed at $100,400 and the price is now consolidating losses.

There was a move above the $101,500 level. BTC tested the 23.6% Fib retracement level of the recent decline from the $106,820 swing high to the $100,400 low.

Bitcoin is now trading below $103,000 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $102,000 level. The first key resistance is near the $103,200 level. The next key resistance could be $103,600. It is close to the 50% Fib retracement level of the recent decline from the $106,820 swing high to the $100,400 low.

A close above the $103,600 resistance might send the price further higher. In the stated case, the price could rise and test the $104,200 resistance level. Any more gains might send the price toward the $105,000 level.

If Bitcoin fails to rise above the $103,200 resistance zone, it could start another decline. Immediate support is near the $101,200 level and the trend line. 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 $98,500 support in the near term. The main support sits at $97,200, 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 – $101,200, followed by $100,500.

Major Resistance Levels – $102,000 and $103,600.