Bitcoin Price Dips But Nears $100K: A Pullback or a Launchpad?

Bitcoin price struggled near $107,000 and corrected gains. BTC is now approaching $100,000 and might find bids in the near term.

• Bitcoin started a downside correction from the $107,000 zone.
• The price is trading below $103,500 and the 100 hourly Simple moving average.
• There was a break below a connecting bullish trend line with support at $104,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start another increase if it stays above the $100,000 support zone.

Bitcoin price started a decent upward move above the $105,500 zone. BTC was able to climb above the $106,000 and $106,500 levels.

The bulls even pushed the price above the $107,000 level. However, the bears were active above the $107,000 zone. A high was formed at $107,080 and the price is now correcting gains. There was a move below the $105,000 level.

Besides, there was a break below a connecting bullish trend line with support at $104,800 on the hourly chart of the BTC/USD pair. The pair tested the $100,700 zone. A low is formed at $100,700 and the pair is now consolidating losses.

Bitcoin price is now trading below $103,500 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $102,200 level or the 23.6% Fib retracement level of the downward move from the $107,080 swing high to the $100,700 low.

The first key resistance is near the $104,000 level. It is close to the 50% Fib retracement level of the downward move from the $107,080 swing high to the $100,700 low. A clear move above the $104,000 resistance might send the price higher. The next key resistance could be $105,000.

A close above the $105,000 resistance might send the price further higher. In the stated case, the price could rise and test the $106,200 resistance level. Any more gains might send the price toward the $107,000 level.

If Bitcoin fails to rise above the $102,200 resistance zone, it could start a downside correction. Immediate support on the downside is near the $100,500 level. The first major support is near the $100,000 level.

The next support is now near the $88,500 zone. Any more losses might send the price toward the $86,500 support in the near term.

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 – $100,500, followed by $100,000.

Major Resistance Levels – $102,200 and $104,000.