**Bitcoin Price Fails to Recover Above $107,000, Bears Eye $102,500 Support**
Bitcoin (BTC) price recently failed to sustain gains above the $107,000 level, triggering a fresh decline. After attempting a recovery, BTC is now trimming its gains and could continue to move lower if it trades below the key support zone near $102,500.
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### Bitcoin Starts Fresh Decline After Failing to Clear $107,000
Bitcoin began a recovery wave, climbing above the $105,000 mark and surpassing resistance levels at $105,500 and $106,000. However, sellers remained active near the $107,000 area, pushing BTC to a high of $107,400 before the price reversed.
Since then, Bitcoin has dropped below the $105,500 and $105,000 levels and is currently trading under the 100-hour Simple Moving Average (SMA) at around $105,500. This drop also includes a break below a bullish trend line that previously provided support at $104,200 on the hourly chart.
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### Key Technical Levels to Watch
– **Support:** Immediate support lies near $102,800, with major support at $102,400, which aligns with the 61.8% Fibonacci retracement level of the recent upward move from $99,222 to $107,400. Further support can be found near $101,200 and $100,200, while the critical psychological support is at $100,000. A sustained drop below this level could make recovery challenging in the near term.
– **Resistance:** On the upside, if bulls attempt another recovery, resistance is expected near $104,000 and $104,750. The next significant resistance is at $105,500 — a break above this level could propel Bitcoin back toward the $107,000 zone, followed by $107,500. Additional resistance levels might emerge around $108,800 and $109,500.
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### Technical Indicators
– **Hourly MACD:** The Moving Average Convergence Divergence (MACD) is gaining momentum in the bearish zone, indicating increasing selling pressure.
– **Hourly RSI:** The Relative Strength Index (RSI) has dropped below the 50 level, signaling weakening bullish momentum.
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### Outlook: Could More Losses be Ahead?
If Bitcoin fails to climb back above the $105,000 resistance zone, it may resume its decline. A decisive close below the $102,500 support could pave the way for further losses, with the next target supports at $101,200 and $100,200. Traders and investors should watch these key levels closely for signs of a potential trend reversal or continued bearish momentum.
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**Summary of Major Levels**
– **Support:** $102,500, $101,200, $100,200, $100,000
– **Resistance:** $104,000, $104,750, $105,500, $107,000
Stay tuned for more updates as Bitcoin continues to navigate these crucial price points.
https://bitcoinethereumnews.com/bitcoin/bitcoin-recovery-falters-weak-volume-signals-possible-exhaustion-of-buyers/