Bitcoin Breaks Down Again — Bearish Momentum Intensifies Across Crypto Market

Bitcoin value is once more declining beneath $110,000. BTC might proceed to maneuver down if it stays beneath the $110,000 resistance.

Bitcoin began a contemporary decline beneath the $109,500 assist.
The worth is buying and selling beneath $109,000 and the 100 hourly Easy shifting common.
There’s a bearish development line forming with resistance at $109,800 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
The pair would possibly proceed to maneuver down if it trades beneath the $107,400 zone.

Bitcoin Worth Faces Rejection

Bitcoin value failed to remain above the $110,500 pivot stage and began a contemporary decline. BTC dipped beneath $110,000 and $109,500 to enter a bearish zone.

The decline was such that the value traded beneath the 50% Fib retracement stage of the upward transfer from the $106,312 swing low to the $111,000 excessive. Moreover, there’s a bearish development line forming with resistance at $109,800 on the hourly chart of the BTC/USD pair.

Bitcoin is now buying and selling beneath $109,000 and the 100 hourly Easy shifting common. If the bulls try a contemporary enhance, the value might face resistance close to the $109,500 stage. The primary key resistance is close to the $109,800 stage and the development line.

The subsequent resistance could possibly be $110,500. A detailed above the $110,500 resistance would possibly ship the value additional larger. Within the acknowledged case, the value might rise and check the $111,200 resistance. Any extra beneficial properties would possibly ship the value towards the $113,500 stage. The subsequent barrier for the bulls could possibly be $115,000 and $115,500.

Extra Losses In BTC?

If Bitcoin fails to rise above the $109,800 resistance zone, it might proceed to maneuver down. Fast assist is close to the $107,400 stage or the 76.4% Fib retracement stage of the upward transfer from the $106,312 swing low to the $111,000 excessive. The primary main assist is close to the $106,500 stage.

The subsequent assist is now close to the $105,500 zone. Any extra losses would possibly ship the value towards the $104,200 assist within the close to time period. The principle assist sits at $103,500, beneath which BTC would possibly battle to recuperate within the brief time period.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bearish zone.

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now beneath the 50 stage.

Main Assist Ranges – $107,400, adopted by $106,500.

Main Resistance Ranges – $109,800 and $110,500.