Bitcoin price falls further into the red — next support on Trader’s Eye near $105,500

Bitcoin price is struggling to settle above $112,500 and $113,000. BTC is currently falling and could start further decline below $108,000.

• Bitcoin started a new decline after failing to break through the $113,000 resistance level.
• The price is trading below $110,000 and the 100 hourly simple moving average.
• The hourly chart of the BTC/USD pair (data feed from Kraken) has a bearish trendline forming resistance at $110,500.
• If it trades below the $107,500 zone, the pair could continue to fall.

Bitcoin price falls again

Bitcoin price failed to overcome the $113,000 resistance level and a new decline began. BTC fell below the $112,000 and $110,500 support levels and entered the bearish zone.

The price was below $108,000. A low was formed at $107,483 and the price is currently consolidating losses below the 23.6% Fib retracement level of the recent decline from the swing high of $115,975 to the low of $107,483.

Bitcoin is currently trading below $110,000 and its 100-hour simple moving average. Additionally, a bearish trend line has formed on the hourly chart of the BTC/USD pair with resistance at $110,500. Immediate upside resistance is near the $109,500 level.

The first major resistance level is near the $110,000 level. The next resistance level could be $110,500 and the trendline. If the price closes above the $110,500 resistance level, the price could move higher. In the above case, the price could move higher and test the $111,800 resistance since it is close to the 50% Fib retracement level of the recent decline from the swing high of $115,975 to the low of $107,483. Further upside could push the price closer to the $112,500 level. The next barrier for the bulls could be $113,000.

Will BTC fall again?

If Bitcoin fails to rise above the $110,000 resistance zone, a new decline could begin. Immediate support is near the $108,000 level. The first major support is near the $107,500 level.

The next support is currently located near the $106,200 zone. Any further losses could send the price towards the $105,500 support in the short term. The main support lies at $103,200, below which BTC may struggle to recover in the short term.

Technical indicators:

Hourly MACD – The MACD is currently pacing in the bearish zone.

Hourly RSI (Relative Strength Index) – BTC/USD’s RSI is currently below the 50 level.

Major support level – $108,000, then $107,500.

Key resistance levels – $110,000 and $110,500.