Bitcoin Faces Resistance at $107,000, Traders Await Breakout

Bitcoin's price has recently experienced a decline, testing the $103,200 support zone before initiating a recovery. The cryptocurrency is now facing resistance near the $107,000 zone, with traders closely monitoring the situation for a potential breakout or rejection.

Bitcoin started a recovery wave above the $105,000 zone, trading above $105,000 and the 100 hourly Simple moving average. There is a connecting bullish trend line forming with support at $104,050 on the hourly chart of the BTC/USD pair. If Bitcoin can clear the $107,000 resistance zone, it could start a fresh increase, potentially rising to test the $109,000 resistance level and even the $110,000 level.

However, if Bitcoin fails to rise above the $107,000 resistance zone, it could start another decline. Immediate support is near the $105,000 level, with the first major support near the $104,000 level and the trend line. The next support is now near the $103,200 zone, with any more losses potentially sending the price toward the $102,500 support in the near term. The main support sits at $101,200, below which BTC might gain bearish momentum.

Technical indicators suggest that the Hourly MACD is now losing pace in the bullish zone, while the Hourly RSI (Relative Strength Index) for BTC/USD is now below the 50 level. Major support levels are at $105,000 and $104,000, while major resistance levels are at $107,000 and $107,800.

Traders are closely watching these levels as Bitcoin's price encounters resistance, with the potential for a breakout or rejection on the horizon. The outcome will depend on whether Bitcoin can overcome the resistance at $107,000 or if it will face another decline. The technical indicators suggest a cautious outlook, with the RSI below the 50 level and the MACD losing pace in the bullish zone. Traders will be monitoring these levels closely in the coming days to determine the next move for Bitcoin's price.