Bitcoin price started a fresh decline and tested the $103,200 zone. BTC is now recovering and might aim for a move above the $106,800 resistance.
- Bitcoin started a fresh decline below the $106,800 and $105,500 levels.
- The price is trading near $105,800 and the 100 hourly Simple moving average.
- There was a break above a key bearish trend line with resistance at $105,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a fresh increase if it clears the $106,800 resistance zone.
Bitcoin Price Recovers
Bitcoin price started a fresh decline after it failed to clear the $110,000 resistance zone. BTC declined below the $107,000 and $106,000 support levels.
The price even dipped below the $104,000 support level. Finally, it tested the $103,200 zone. A low was formed at $103,078 and the price is now recovering losses. There was a move above the 23.6% Fib retracement level of the recent decline from the $110,411 swing high to the $103,078 low.
Besides, there was a break above a key bearish trend line with resistance at $105,000 on the hourly chart of the BTC/USD pair. Bitcoin is now trading near $105,800 and the 100 hourly Simple moving average.
On the upside, immediate resistance is near the $106,000 level. The first key resistance is near the $106,750 level. It is close to the 50% Fib retracement level of the recent decline from the $110,411 swing high to the $103,078 low. The next key resistance could be $107,500.
