Bitcoin Price Tests $105K Resistance: Key Support at $102,850
Bitcoin price faces critical resistance at $105,000 as technical indicators show mounting bearish pressure. Key support levels and potential scenarios analyzed.
Bitcoin’s price action continues to show mixed signals as the leading cryptocurrency tests critical resistance levels near $105,000. After a recent surge that saw BTC approach its all-time highs, short-term bearish pressure is mounting below the $103,500 mark.
As noted in our recent analysis Bitcoin Price Nears $105K: Mixed Signals Warn of Potential Pullback, the market structure suggests increasing caution among traders.
Technical Analysis Shows Critical Support Levels
Key technical levels to watch:
- Immediate Support: $102,850
- Major Support: $101,750
- Critical Resistance: $104,200
- Key Breakout Level: $105,000
Market Structure Analysis
The hourly chart reveals several critical developments:
- Break below the bullish trend line at $103,600
- Trading below the 100-hour Simple Moving Average
- RSI indicating bearish momentum below 50
- MACD showing increasing bearish pressure
Potential Scenarios
Two primary scenarios are emerging:
Bullish Case
- Break above $105,000 could trigger rally to $106,500
- Further extension possible toward $108,000
- Bulls maintaining support at $102,850
Bearish Case
- Failure to break $104,200 could trigger correction
- Support at $100,500 crucial for maintaining momentum
- Risk of testing $98,800 if supports fail
FAQ
Q: What’s the key level to watch for Bitcoin?
A: The $105,000 resistance level is crucial – a clear break above could signal continuation of the uptrend.
Q: Where is the strongest support level?
A: The $102,850 level represents immediate strong support, followed by $101,750.
Q: What technical indicators are showing bearish signals?
A: Both the MACD and RSI are showing bearish momentum, with RSI below 50 and MACD in the bearish zone.
