Bitcoin Struggles to Hold Key Support Levels
Bitcoin’s price took another hit today, slipping below $105,500 after failing to push past resistance earlier this week. Right now, it’s hovering just above $103,200, but the momentum doesn’t look great. Traders seem hesitant, and the charts aren’t exactly painting a bullish picture.
The drop comes after BTC couldn’t break through $110,500, which was a key level to watch. From there, it tumbled past $107,500 and then $106,500—both of which were supposed to act as support. At one point, it even dipped under $104,200 before finding a temporary floor around $103,000.
Where’s the Resistance?
At the moment, Bitcoin is stuck below the 100-hour moving average, and there’s a clear downtrend line forming around $106,600. If it wants to turn things around, it’ll need to push past $105,500 first. That’s the immediate hurdle. After that, $106,600 is the next big test—a level that also lines up with the 50% retracement of the recent drop from $110,273 to $103,078.
But let’s be honest—that’s a big “if.” The market feels shaky, and buyers aren’t exactly rushing in. If BTC somehow clears $106,600, we might see a run toward $108,000 or even $110,000. But right now, that feels like a stretch.
Could More Losses Be Coming?
If Bitcoin can’t claw its way back above $105,500, things could get worse. The nearest support sits at $103,000, followed by $102,350. Below that, $101,500 is the next line in the sand. And if that doesn’t hold? Well, $100,500—or even $100,000—could come into play.
The technicals aren’t helping much either. The MACD is picking up speed in the bearish zone, and the RSI is stuck below 50, which doesn’t exactly scream “buying opportunity.”
For now, traders are probably watching $103,000 closely. If that breaks, the next few hours could get messy. But if it holds, maybe—just maybe—we’ll see a small bounce. Either way, it’s not a market for the faint of heart right now.
