Bitcoin Corrects 1.4% After Reaching $104,980 High

Bitcoin's price has recently experienced a correction after reaching a high of $104,980, following a fresh increase from the $102,500 support zone. The cryptocurrency managed to clear the $103,500 resistance zone and even pushed above $104,200. However, the price is now correcting gains and trading below $103,500 and the 100 hourly Simple moving average.

There was a break below a connecting bullish trend line with support at $103,600 on the hourly chart of the BTC/USD pair. The bulls are currently active near the $102,850 level and the 50% Fib retracement level of the upward move from the $100,772 swing low to the $104,980 high. Immediate resistance is near the $103,600 level, with the first key resistance near the $104,200 level. The next key resistance could be $105,000. A close above the $105,000 resistance might send the price further higher, potentially testing the $106,500 resistance level and even rising toward the $108,000 level.

However, if Bitcoin fails to rise above the $104,200 resistance zone, it could start another downside correction. Immediate support is near the $102,850 level, with the first major support near the $101,750 level. The next support is now near the $100,500 zone, and any more losses might send the price toward the $100,000 support in the near term. The main support sits at $98,800.

Technical indicators suggest a bearish trend, with the MACD gaining pace in the bearish zone and the RSI for BTC/USD now below the 50 level. Major support levels are at $102,850 and $101,750, while major resistance levels are at $104,200 and $105,000. The short-term bearish pressure on Bitcoin is evident, with the price stuck in a range and correcting gains below key resistance levels.