Check it out! Bitcoin (BTC) Trapped in Price Range, Bearish Pressure Increasing?
Jakarta, Pintu News – Bitcoin recently experienced a rise but is now correcting. From strong support at $102,500, the price briefly broke through to $105,000 before finally declining.
Bitcoin (BTC) Price Correction
Bitcoin (BTC) started the rise from the $102,500 support zone, formed a strong base and managed to break the $103,500 resistance zone. In fact, the bulls managed to push the price past $104,200. However, after peaking at $104,980, Bitcoin (BTC) started to correct.
The price dropped below the 23.6% Fibonacci retracement level of the rise that occurred from a low of $100,772 to a high of $104,980. In addition, there was also a breakdown of the bullish trend line that was previously a support at $103,600 on the hourly chart of the BTC/USD pair. Currently, Bitcoin (BTC) is trading below $103,500 and the 100-hour simple moving average.
Also Read: Bitcoin (BTC) Potential to Break New Record Highs in May
Price Recovery Potential
Despite the decline, the bulls still seem to be active near the $102,850 level and the 50% Fibonacci retracement level of the rise from $100,772 to $104,980. If able to break back above $103,600, the next immediate resistance is at $104,200. If successful, the next key resistance is $105,000. A close above this resistance could push the price even higher, with the potential to reach $106,500, and if it continues to rise, it could reach $108,000.
Risk of Further Decline
If Bitcoin (BTC) fails to break the $104,200 resistance zone, there is a possibility that the price will experience another downward correction. Immediate support is at $102,850, followed by major support at $101,750. The next support is at the $100,500 zone. If the decline continues, the price could head to the short-term support at $100,000, with the next major support at $98,800.
Conclusion
The current dynamics show that Bitcoin (BTC) is still in a volatile phase with potential short-term bearish pressure. Investors and traders should pay attention to the mentioned support and resistance levels to take the right decision in managing their portfolio.
Also Read: Ukraine Considers Bitcoin as a National Strategic Reserve
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*Disclaimer
This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.
Reference
- NewsBTC. Bitcoin Price Stuck in Range Below $10.5K. Accessed on May 15, 2025
- Featured Image: Generated by AI
