Bitcoin Price Stabilizes After Drop — Early Signs Of Recovery Emerge


Bitcoin price is attempting to recover above $107,500 and $108,000. BTC could continue to move up if it clears the $109,500 resistance zone.

  • Bitcoin started a fresh recovery wave above the $105,000 resistance level.
  • The price is trading above $108,000 and the 100 hourly Simple moving average.
  • There was a break above a bearish trend line with resistance at $107,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair might continue to move up if it trades above the $109,500 zone.

Bitcoin Price Eyes Recovery

Bitcoin price failed to surpass the $110,000 resistance level and started a fresh decline. BTC dipped below the $108,000 and $106,500 support levels to enter a bearish zone.

The price even dipped below $105,000. A low was formed at $103,583 and the price is correcting some losses. There was a move above the 23.6% Fib retracement level of the recent decline from the $115,975 swing high to the $103,583 low.

Besides, there was a break above a bearish trend line with resistance at $107,500 on the hourly chart of the BTC/USD pair. Bitcoin is now trading above $108,000 and the 100 hourly Simple moving average.

Immediate resistance on the upside is near the $109,500 level. The first key resistance is near the $110,000 level. The next resistance could be $111,250 and the 61.8% Fib retracement level of the recent decline from the $115,975 swing high to the $103,583 low.

Source: BTCUSD on TradingView.com

A close above the $111,250 resistance might send the price further higher. In the stated case, the price could rise and test the $112,500 resistance. Any more gains might send the price toward the $113,200 level. The next barrier for the bulls could be $115,000.

Another Decline In BTC?

If Bitcoin fails to rise above the $110,000 resistance zone, it could start a fresh decline. Immediate support is near the $108,000 level. The first major support is near the $107,500 level.

The next support is now near the $106,200 zone. Any more losses might send the price toward the $105,500 support in the near term. The main support sits at $103,500, below which BTC might struggle to recover in the short term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $108,000, followed by $106,500.

Major Resistance Levels – $109,500 and $111,250.



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