Bitcoin (BTC) Price Analysis: BTC Started a Downside Correction After Setting a New All-Time High

Bitcoin price started a decent upward move above the $102,000 zone. BTC was able to climb above the $104,500 and $103,800 levels.

Bitcoin price began a short-term downside correction after setting a new all-time high. BTC is consolidating above $101,000 and might aim for a fresh increase.

Bitcoin Sets New ATH

Bitcoin price started a strong upward move above the $102,000 zone. BTC was able to climb above the $104,500 and $103,800 levels.

The bulls even pushed the price above the $107,000 level. The price rallied to a new all-time high at $109,112, and recently there was a downside correction. It dropped below the $104,500 and $103,500 levels. The price even dipped below $102,000.

A low was formed at $100,114, and the price is now rising. There was a move toward the 23.6% Fib retracement level of the recent decline from the $109,112 swing high to the $100,114 low.

Bitcoin price is now trading below $104,500 and the 100 hourly simple moving average. On the upside, immediate resistance is near the $104,000 level. Moreover, there is a descending bearish trend line forming with resistance at $104,000 on the hourly chart of the BTC/USD pair.

The first key resistance is near the $104,500 level or the 50% Fib retracement level of the recent decline from the $109,112 swing high to the $100,114 low.

A clear move above the $104,500 resistance could lead the price higher. The next key resistance is at $106,500. A close above the $106,500 resistance might send the price up further. In the mentioned case, the price could rise and test the $108,000 resistance level. Any further gains could send the price towards the $109,500 level.

More Losses In BTC?

If Bitcoin fails to rise above the $104,000 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 $98,800 zone. Any further losses could send the price towards the $96,500 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing momentum in the bullish 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 – $104,000 and $105,500.