Is the price of Bitcoin (BTC) facing resistance, and will the downtrend deepen further?

According to the Gate News bot, NewsBTC analysis shows that the Bitcoin (BTC) price has started a new round of fall after failing to break through the resistance level of $108800, falling below the levels of $108000 and $107000.

The price has clearly fallen below the support level of 106200 dollars. Eventually, the price tested the 103500 dollar region. The low was at 103400 dollars, and the current price is consolidating the downtrend. The price has slightly risen above the 23.6% Fibonacci retracement level from the downward move of 108924 dollars to the low of 103400 dollars.

The current trading price of Bitcoin is below $106,800 and the 100-hour simple moving average. In addition, a short-term triangle is forming on the BTC/USD hourly chart, with a support level at $104,200.

On the upside, direct resistance level is around 105200 dollars. The first key resistance level is around 105500 dollars. The next key resistance level may be 106200 dollars. This resistance level is close to the 50% Fibonacci retracement level of the downward move from the high of 108924 dollars to the low of 103400 dollars.

(Source: Trading View)

If the closing price breaks through the resistance level of 106200 dollars, it may further push up the price. In this case, the price could rise and test the resistance level of 108000 dollars. If it continues to rise, the price may approach 110000 dollars.

If Bitcoin fails to break through the resistance level of $106,200, it may fall again. The immediate support level is around $104,200. The first major support level is around $103,500. Currently, the next support level is around $102,500.

If the price falls further, it may drop towards the support level of $101,200 in the short term. The main support level is at $100,000; if this support level is broken, BTC may gain bearish momentum.