Bitcoin (BTC) Price Holds $100K Support, Might Aim for a Fresh Increase

Bitcoin price started a decent upward move above the $100,000 zone. BTC was able to climb above the $102,500 and $103,800 levels.

Bitcoin price started a short-term downside correction from the $106,250 zone. BTC is consolidating above $100,000 and might aim for a fresh increase.

Bitcoin Commences Consolidation Above $100K

Bitcoin price began a decent upward move above the $100,000 zone. BTC was able to climb above the $102,500 and $103,800 levels.

The price encountered a high at $106,246, and the recent price started a downside correction. There was a drop below the $104,000 and $103,500 levels. Moreover, there was a break below a key bullish trend line with support at $104,650 on the hourly chart of the BTC/USD pair.

A low was formed at $99,538, and the price is rising. There was a move above the 23.6% Fib retracement level of the recent decline from the $106,246 swing high to the $99,538 low.

Bitcoin price is now trading below $103,800 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 $103,000 level or the 50% Fib retracement level of the recent decline from the $106,246 swing high to the $99,538 low.

A clear move above the $103,000 resistance might send the price higher. The next key resistance could be $104,650. A close above the $104,650 resistance could lead to further gains. In such a case, the price might rise and test the $106,250 resistance level. Any further gains could send the price toward the $108,500 level.

More Losses In BTC?

If Bitcoin fails to rise above the $103,000 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 forming near the $98,800 zone. Any further losses might send the price toward 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 – $103,000 and $104,650.