Bitcoin Price Stabilizes After Drop — Early Signs Of Recovery Emerge

Bitcoin price is attempting to recover above $108,000 and $108,500. BTC tested $111,800 and is currently trimming recent gains.

Bitcoin started a fresh recovery wave above the $108,000 resistance level.
The price is trading above $108,000 and the 100 hourly Simple moving average.
There is a bullish trend line with support at $108,800 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 $110,500 zone.

Bitcoin Price Trims Some Gains

Bitcoin price started a recovery wave above the $105,500 resistance. BTC was able to surpass the $107,500 and $108,500 resistance levels.

The bulls pushed the price above $110,500. There was a clear move above the 50% Fib retracement level of the recent decline from the $115,975 swing high to the $103,582 low. However, the bulls struggled to keep the price above the $111,500 level.

The price is slowly moving lower from the 61.8% Fib retracement level of the recent decline from the $115,975 swing high to the $103,582 low. Besides, there is a bullish trend line with support at $108,800 on the hourly chart of the BTC/USD pair.

Bitcoin is now trading above $109,000 and the 100 hourly Simple moving average. Immediate resistance on the upside is near the $110,500 level. The first key resistance is near the $111,200 level. The next resistance could be $111,500.

A close above the $111,500 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 Drop In BTC?

If Bitcoin fails to rise above the $110,000 resistance zone, it could start a fresh decline. Immediate support is near the $108,800 level and the trend line. The first major support is near the $108,000 level.

The next support is now near the $107,550 zone. Any more losses might send the price toward the $106,500 support in the near term. The main support sits at $105,500, below which BTC might struggle to recover in the short term.

Technical indicators:

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

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

Major Support Levels – $108,800, followed by $108,000.

Major Resistance Levels – $110,500 and $111,500.

[#item_full_content]NewsBTCRead More