Bitcoin Price Dips Further, Tests $97,650 Zone, and Might Face Hurdles Near the $103,000 Level

Bitcoin price started a fresh decline below the $105,000 and $103,500 levels. BTC even dipped below the $100,00 level before the bulls appeared.

Bitcoin price continued its recent downturn on Friday, as the world’s apex cryptocurrency fell to lows of $97,650 during Friday’s session. BTC is now recovering from its recent losses, with bulls encountering resistance at around the $103,000 level.

Bitcoin Price Drops Further

After beginning the week with a surge to highs of $107,080, BTC/USD opened on Monday at around the $105,200 mark. From here, the price quickly fell to lows of $97,688, before finding support and beginning an uptrend that ultimately took it back to highs of $103,220.

At the time of writing, Bitcoin is trading at $102,822, down 1.86% over the past 24 hours. Of the seven days past, BTC has risen by about 1.2%.

Relative Strength Index (RSI) on the hourly chart – BTC/USD now indicates that bulls are encountering resistance at around the 50 level. A failure to break past this level could see the bears regain control of the price direction.

If the bears regain control of the price direction, we could see BTC/USD begin to trend toward lows of $88,500 in the near term. From here, the next support is seen at around the $86,500 level.

However, if the bulls manage to push the price past the $103,000 resistance, we could see BTC/USD begin to trend toward highs of $104,200. From here, the next resistance is seen at around the $105,500 level.

According to recent crypto analysis from BeInCrypto, a close above the $104,200 resistance could pave the way for a rally to the $105,500 resistance. Any further gains could push the price toward the $107,000 level.