Bitcoin (BTC) Price Uptrend Remains Intact Despite Trimming Gains From $108,000

As discussed in the previous analysis, Bitcoin price remained in a strong uptrend above the $95,000 resistance zone. BTC extended gains and traded to a new all-time high at $108,100 before it faced sellers.

Bitcoin price showed a solid recovery from the $95,000 resistance zone, as discussed in the previous analysis. BTC extended gains and traded to a new all-time high at $108,100 before encountering sellers.

The price declined sharply and even fell below the $105,000 level. In the FOMC press conference, the Fed chief stated that the central bank does not intend to obtain the authority to hold bitcoin. This statement triggered some bearish price action in Bitcoin, Ethereum, XRP, and Cardano.

Watch Chair Powell’s statement from the #FOMC press conference:

Intro clip: https://t.co/EU0F5hEUNV

Full video: https://t.co/t10AfF2VD9

Press Conference materials: https://t.co/nxSNshyYiV

Bitcoin price dropped below the $102,000 support, but it remained far above the 50-day simple moving average (blue).

BTC price found buyers around the $99,000 level. It is still trading within a rising channel, with support at $98,000 on the daily chart. If the bulls keep pushing and the price stays above $98,000, we could see another strong increase.

Immediate resistance is at the $102,000 level. The first major resistance is around $103,800. The next stop for BTC price could be the $105,500 zone, above which the price could surge and clear the $108,000 level.

A daily close above the $108,000 resistance zone could pave the way for a move toward the next key resistance at $112,000. Any further gains could lead to a test of the $120,000 level.

Conversely, Bitcoin price may encounter difficulties at around $102,000 or $103,500 and begin another decline. Immediate support on the downside is at the $98,000 level and the channel’s lower trend line.

The first major support is at the $95,000 level, which is close to the 23.6% Fib retracement level of the upward move from the $52,756 swing low to the $108,100 high. There is also a key parabolic curve forming with support at around $94,000.

The main support lies near the 50-day simple moving average (blue) and $92,000. A downside break below the $92,000 level could lead the price toward the $90,000 zone.

If the bulls fail to defend the $90,000 level, we could see a more significant pullback. In that case, Bitcoin may test the $80,500 support, which is the 50% Fib retracement level of the upward move from the $52,756 swing low to the $108,100 high. The next key support could be at $70,000.

Overall, Bitcoin is correcting gains but is still holding above the $90,000 support zone. BTC needs to clear the $102,000 and $103,500 levels to begin a fresh increase.