Bitcoin Faces Resistance at $108,000 After Recent Correction

Bitcoin price has been trading in a range below the $108,800 zone, indicating a period of consolidation. The cryptocurrency has been correcting from its recent high, with the price currently trading below $107,500 and the 100 hourly Simple Moving Average. A bearish trend line is forming with resistance at $107,400 on the hourly chart of the BTC/USD pair, suggesting that Bitcoin could face challenges in breaking above this level.

Despite the recent correction, Bitcoin has shown signs of recovery, moving above the 23.6% Fib retracement level of the downward move from the $108,792 swing high to the $106,800 low. The immediate resistance is near the $107,400 level, with the first key resistance at $108,000. A close above the $108,000 resistance could potentially send the price further higher, testing the $108,800 resistance level and possibly rising towards the $110,000 level.

However, if Bitcoin fails to rise above the $108,000 resistance zone, it could start another decline. Immediate support is near the $106,800 level, with the first major support at $106,500. The next support is near the $105,500 zone, and any further losses might send the price towards the $105,000 support. The main support sits at $103,500, below which Bitcoin might gain bearish momentum.

Technical indicators suggest that the Hourly MACD is now losing pace in the bearish zone, while the Hourly RSI (Relative Strength Index) for BTC/USD is now below the 50 level. Major support levels are at $106,800 and $106,500, while major resistance levels are at $108,000 and $108,800. The bullish monthly structure suggests that the rally could continue, but Bitcoin will need to overcome the resistance levels to maintain its upward momentum.