Bitcoin Drops 5% Below $103,000 Mark, Faces Bearish Trend

Bitcoin's price has experienced a significant decline, falling below the $103,000 mark. This drop has led to a consolidation phase, with the cryptocurrency struggling to recover above the $103,500 resistance level. The price is currently trading below $102,500 and the 100 hourly Simple Moving Average, indicating a bearish trend. A key bearish trend line is forming with resistance at $101,250 on the hourly chart of the BTC/USD pair. If Bitcoin can stay above the $100,000 zone, it may initiate a fresh increase. However, if it fails to rise above the $102,000 resistance zone, another decline could be imminent, with immediate support near the $100,150 level and major support at $95,000.

Bitcoin's price has continued to dip, falling below the $105,500 zone and gaining pace below the $104,200 and $103,000 levels. The price tested the $98,250 zone, forming a low at $98,277 before entering a consolidation phase. There was a minor recovery above the 23.6% Fib retracement level of the downward move from the $106,470 swing high to the $98,277 low. However, bears remain active below the $101,200 zone, with Bitcoin now trading below $102,000 and the 100 hourly Simple Moving Average. On the upside, immediate resistance is near the $101,250 level, with the first key resistance near the $102,500 level or the 50% Fib retracement level of the downward move from the $106,470 swing high to the $98,277 low. The next key resistance could be $103,500. A close above the $103,500 resistance might send the price further higher, potentially testing the $105,000 resistance level and even the $106,200 level.

If Bitcoin fails to rise above the $102,000 resistance zone, it could start another decline. Immediate support is near the $100,150 level, with the first major support near the $98,500 level. The next support is now near the $96,500 zone, with any more losses potentially sending the price toward the $95,500 support in the near term. The main support sits at $95,000, below which BTC might struggle to find bids. Technical indicators show that the MACD is now losing pace in the bearish zone, while the RSI for BTC/USD is now below the 50 level. Major support levels are at $100,150, followed by $100,000, while major resistance levels are at $101,250 and $103,500.