Bitcoin Struggles to Hold Ground After Recent Drop
Bitcoin’s price took another hit this week, slipping below the $106,000 mark. It’s been hovering there for a while now, and honestly, it’s hard to say where things go next. The market feels a little shaky, but there’s still a chance BTC could push back up if it manages to stay above $105,500.
Right now, though, it’s trading under that level—and below the 100-hour simple moving average, which isn’t great. There’s also a bearish trend line forming around $104,850 on the hourly chart (using Kraken data). That could mean more resistance if Bitcoin tries to climb.
Where’s the Resistance?
The drop started when BTC couldn’t hold above $107,500. From there, it slid past $106,200 and then $106,000 without much trouble. The $105,000 support didn’t do much to stop the fall either, and the price eventually dipped to around $103,400 before stabilizing.
Since then, there’s been a slight recovery—enough to push past the 23.6% Fibonacci retracement level from the recent high of $108,925 to the low of $103,400. But every time Bitcoin nears $105,000, sellers step in. That’s the immediate resistance to watch. If it breaks through, the next big test is $105,500, followed by $106,150 (which lines up with the 50% Fib level).
A clean move above $106,150 could open the door to $108,000, maybe even $108,800. But that’s a big *if*.
Or Will the Slide Continue?
If Bitcoin can’t get past $105,000, another drop seems likely. The first real support sits at $104,150, but if that doesn’t hold, $103,500 is the next line in the sand. Below that? Things could get messy. $102,500 is the next stop, and if that fails, we might see a test of $101,200.
The big psychological level is $100,000. If BTC loses that, the mood could turn seriously bearish.
What the Indicators Say
The hourly MACD is still in bearish territory, though the momentum seems to be slowing. The RSI, on the other hand, has climbed back above 50—which could hint at some short-term strength.
For now, the key levels are simple:
– **Support**: $104,150, then $103,500.
– **Resistance**: $105,000, followed by $106,200.
It’s one of those moments where the next big move could go either way. Traders will probably stay cautious until Bitcoin picks a clear direction.
