Oh, the drama! Bitcoin was all set to make a grand entrance above the $110,000 mark, but it seems the bulls are taking a much-needed coffee break. BTC is now dipping its toes below the $107,500 support zone, and it’s not looking good for our crypto friend.
- Bitcoin, the star of the crypto show, started a fresh decline from the $110,000 zone. 🌟➡️📉
- The price is trading below $108,500 and the 100 hourly Simple Moving Average. 📉
- There was a break below a key bullish trend line with support at $108,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). 📊💔
- The pair could start a fresh increase if it stays above the $106,500 zone. 🤞
Bitcoin price started a fresh increase after it settled above the $108,500 resistance. BTC cleared many hurdles near $109,000 to start a decent increase but, oh no, it failed to clear $110,000. 🙈
A high was formed at $109,700 and the price started a fresh decline. There was a move below the $109,200 and $108,500 levels. Besides, there was a break below a key bullish trend line with support at $108,200 on the hourly chart of the BTC/USD pair. 📉💔
Bitcoin is now trading below $108,500 and the 100 hourly Simple Moving Average. On the upside, immediate resistance is near the $108,150 level. It is close to the 23.6% Fib retracement level of the downward move from the $109,700 swing high to the $107,674 low. 📊
The first key resistance is near the $108,500 level or the 50% Fib retracement level of the downward move from the $109,700 swing high to the $107,674 low. A close above the $108,500 resistance might send the price further higher. In the stated case, the price could rise and test the $110,000 resistance level. Any more gains might send the price toward the $112,000 level. The main target could be $115,000. 🚀
More Losses In BTC?
If Bitcoin fails to rise above the $108,500 resistance zone, it could start another decline. Immediate support is near the $107,500 level. The first major support is near the $106,500 level. 🙏
The next support is now near the $105,500 zone. Any more losses might send the price toward the $104,200 support in the near term. The main support sits at $103,500, below which BTC might continue to move down. 📉😢
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 – $107,500, followed by $106,500. 🙏
Major Resistance Levels – $108,500 and $106,500. 🚀
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2025-07-08 05:30