Bitcoin Drops Below $106,500, Tests $103,200 Support

Bitcoin's price has recently experienced a decline, dropping below the $106,500 support zone and testing the $103,200 level. Currently, the cryptocurrency is consolidating its losses, trading above $105,000 and the 100 hourly Simple Moving Average. A connecting bearish trend line is forming with resistance at $105,550 on the hourly chart of the BTC/USD pair. If Bitcoin can clear the $106,000 resistance zone, it could initiate a fresh increase, potentially rising to $106,800 and even testing the $108,000 resistance level. However, if it fails to surpass the $106,000 resistance, another decline could occur, with immediate support near the $105,000 level and major support at $101,200.

Technical indicators suggest a bullish momentum, with the MACD gaining pace in the bullish zone and the RSI for BTC/USD above the 50 level. The immediate resistance is near the $105,550 level, with key resistances at $106,000 and $106,800. Major support levels are at $105,000 and $104,200. If Bitcoin can sustain its momentum above these levels, it could potentially test the $110,000 level in the near term. However, if it fails to do so, it could face further declines, with support levels at $103,200 and $102,500.

According to the analyst's forecast, if Bitcoin can close above the $106,800 resistance, it could send the price further higher, potentially testing the $108,000 resistance level and even rising towards the $110,000 level. However, if it fails to do so, it could face another decline, with support levels at $105,000, $104,200, and $103,200. The main support sits at $101,200, below which BTC might gain bearish momentum. The technical indicators suggest a bullish momentum, with the MACD gaining pace in the bullish zone and the RSI for BTC/USD above the 50 level. The immediate resistance is near the $105,550 level, with key resistances at $106,000 and $106,800. Major support levels are at $105,000 and $104,200. If Bitcoin can sustain its momentum above these levels, it could potentially test the $110,000 level in the near term. However, if it fails to do so, it could face further declines, with support levels at $103,200 and $102,500.