In a most unfortunate turn of events, the Bitcoin price has embarked on a rather dismal decline, tumbling below the $106,800 threshold. It now finds itself in a rather precarious position, grappling with resistance at the $106,200 mark. One can only wonder if this is the beginning of a tragic saga.
- Bitcoin has indeed commenced a fresh descent beneath the $106,200 barrier.
- Currently, it languishes below $106,800, trailing the 100-hourly Simple Moving Average like a forlorn lover.
- A rather curious triangle is forming, with support at $104,200 on the hourly chart of the BTC/USD pair (courtesy of our friends at Kraken).
- Should it manage to cling to the $103,500 zone, there may yet be hope for a revival.
Bitcoin Price Takes Another Nosedive
Alas, Bitcoin’s price has once again succumbed to the whims of fate, failing to breach the $108,800 resistance. It has now dipped below both the $108,000 and $107,000 levels, much to the chagrin of its most ardent supporters.
In a clear act of defiance, it has plummeted beneath the $106,200 support level, ultimately testing the $103,500 zone. A low was recorded at $103,400, and now it appears to be consolidating its losses, much like a cat that has fallen from a great height.
Bitcoin continues to trade below $106,800 and the 100-hourly Simple Moving Average. Furthermore, the aforementioned triangle is still in play, with support at $104,200 on the hourly chart.
On the brighter side, immediate resistance looms near the $105,200 level. The first key resistance is at $105,500, with the next potential hurdle at $106,200, which coincidentally aligns with the 50% Fib retracement level of the downward move from the $108,924 swing high to the $103,400 low.
Should it manage to close above the $106,200 resistance, we might witness a miraculous ascent. In such a case, the price could very well test the $108,000 resistance level, and dare we say, venture towards the lofty heights of $110,000.
Are We Facing More Losses in BTC?
However, if Bitcoin fails to rise above the $106,200 resistance zone, we may be on the brink of yet another decline. Immediate support is hovering near the $104,200 level, with the first major support at $103,500.
The next support is now positioned at the $102,500 zone. Should further losses ensue, we might find ourselves gravitating towards the $101,200 support in the near term. The main support, however, rests at the ominous $100,000 mark, below which BTC could very well spiral into bearish territory.
Technical indicators:
Hourly MACD – The MACD is currently losing momentum in the bearish zone, much like a once-great actor fading into obscurity.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now languishing below the 50 level, a rather disheartening sight.
Major Support Levels – $104,200, followed closely by $103,500.
Major Resistance Levels – $105,500 and $106,200.
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2025-06-18 05:35