So, Bitcoin decided to throw a little tantrum and dipped down to the $103,200 zone. But wait! It’s now on the mend and might just aim for a leap over the $106,800 resistance. How very dramatic! 🎭
- Bitcoin kicked off a fresh decline, tumbling below the $106,800 and $105,500 levels. Classic overreaction! 🙄
- Currently, it’s trading around $105,800, just hanging out with the 100 hourly Simple Moving Average. How cozy! 🛋️
- Oh, and there was a break above a key bearish trend line at $105,000 on the hourly chart of the BTC/USD pair (thanks, Kraken, for the gossip!).
- If it can shake off its blues and clear the $106,800 resistance zone, we might see a fresh increase. Fingers crossed! 🤞
Bitcoin’s Recovery Saga
After failing to conquer the $110,000 resistance zone, Bitcoin decided to sulk and fell below the $107,000 and $106,000 support levels. Drama alert! 🚨
It even dipped below the $104,000 support level, finally testing the $103,200 zone. A low was formed at $103,078, and now it’s trying to recover. It’s like watching a soap opera! 📺
There was a little victory as it moved above the 23.6% Fib retracement level of the recent decline from the $110,411 swing high to the $103,078 low. Go, Bitcoin, go! 🏃♂️
Currently, it’s trading near $105,800, and the 100 hourly Simple Moving Average is keeping it company. On the upside, immediate resistance is lurking near the $106,000 level. The first key resistance is at $106,750, close to the 50% Fib retracement level. Will it break through? 🤔
If it manages to close above the $107,500 resistance, we might see it soar higher, possibly testing the $108,000 resistance level. More gains could even push it towards the $110,000 level. What a rollercoaster! 🎢
Will Bitcoin Face Another Decline? 😱
If Bitcoin can’t rise above the $106,750 resistance zone, it might just start another decline. Immediate support is near the $105,000 level, and the first major support is at $104,200. Yikes! 😬
The next support is now near the $103,200 zone. Any more losses could send it towards the $102,500 support in the near term. The main support sits at $100,000, below which BTC might gain some serious bearish momentum. Hold onto your hats! 🎩
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone. Not great, Bob!
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. A glimmer of hope!
Major Support Levels: $104,200, followed by $103,200.
Major Resistance Levels: $106,750 and $107,500.
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2025-06-16 05:49