Is the Bitcoin Price Dip a Temporary Pullback or a Launchpad to $100K?

Bitcoin’s price faced resistance near $107,000 before correcting lower. Currently, BTC is approaching the $100,000 mark and may attract buyers in the short term. Bitcoin initiated a downward correction from the $107,000 area. The price is now trading below $103,500 and the 100-hourly Simple Moving Average. A bullish trend line with support at $104,800 was breached on the hourly chart of the BTC/USD pair. If the price remains above the $100,000 support zone, a new uptrend could begin. Bitcoin Price Sees Decline Bitcoin’s price saw an upward movement above $105,500, surpassing levels like $106,000 and $106,500. Despite reaching $107,000, the bears took control, resulting in a correction with the price dropping below $105,000. Furthermore, a connecting bullish trend line support at $104,800 was broken on the hourly chart of BTC/USD, leading to a test of the $100,700 level. After hitting a low of $100,700, the price is now consolidating losses. Currently, Bitcoin’s price is below $103,500 and the 100-hourly Simple Moving Average. Immediate resistance is seen near $102,200, followed by $104,000. The first significant resistance is at $104,000, close to the 50% Fib retracement level. A successful break above this level could push the price towards $105,000. A close above $105,000 could signal further upside potential, with a possible test of the $106,200 resistance level and potentially reaching $107,000. Possible Downside for BTC If Bitcoin fails to break above the $102,200 resistance, a downside correction might start, with immediate support near $100,500 and a major support level at $100,000. Additional support is around $88,500, and further losses could see the price declining towards $86,500 in the near future. Technical indicators: Hourly MACD – Moving Average Convergence Divergence is showing bearish momentum. Hourly RSI – The Relative Strength Index for BTC/USD is currently below 50. Key Support Levels – $100,500, $100,000 Key Resistance Levels – $102,200, $104,000 The post Is the Bitcoin Price Dip a Temporary Pullback or a Launchpad to $100K? appeared first on Crypto Breaking News.