Bitcoin Price Stalls Below $110K — Another Rejection for Bulls

Bitcoin price started a fresh decline from the $110,000 zone.

BTC is now declining and might trade below the $107,500 support zone.

Bitcoin started a fresh decline from the $110,000 zone.

The price is trading below $108,500 and the 100 hourly Simple moving average.

There was a break below a key bullish trend line with support at $108,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could start a fresh increase if it stays above the $106,500 zone.

Bitcoin Price Dips Again Bitcoin price started a fresh increase after it settled above the $108,500 resistance.

BTC cleared many hurdles near $109,000 to start a decent increase but it failed to clear $110,000. A high was formed at $109,700 and the price started a fresh decline.

There was a move below the $109,200 and $108,500 levels.

Besides, there was a break below a key bullish trend line with support at $108,200 on the hourly chart of the BTC/USD pair.

Bitcoin is now trading below $108,500 and the 100 hourly Simple moving average .

On the upside, immediate resistance is near the $108,150 level.

It is close to the 23.6% Fib retracement level of the downward move from the $109,700 swing high to the $107,674 low.

The first key resistance is near the $108,500 level or the 50% Fib retracement level of the downward move from the $109,700 swing high to the $107,674 low.

A close above the $108,500 resistance might send the price further higher.

In the stated case, the price could rise and test the $110,000 resistance level.

Any more gains might send the price toward the $112,000 level.

The main target could be $115,000. More Losses In BTC? If Bitcoin fails to rise above the $108,500 resistance zone, it could start another decline.

Immediate support is near the $107,500 level.

The first major support is near the $106,500 level.

The next support is now near the $105,500 zone.

Any more losses might send the price toward the $104,200 support in the near term.

The main support sits at $103,500, below which BTC might continue to move down.

Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $107,500, followed by $106,500. Major Resistance Levels – $108,500 and $106,500..

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