Despite recent bullish momentum pushing Bitcoin to nearly $105,000, the market is showing early signs of short-term weakness. Price action is slipping below key technical levels, raising the question: is BTC preparing for another leg down?
Bitcoin Fails to Hold $105K: What It Means
Bitcoin surged from the $102,500 zone, gaining traction to reach a high of $104,980. However, bullish momentum faded as BTC broke below a crucial support trendline near $103,600 and the 100-hour SMA, signaling a short-term bearish shift.
The price is now holding just above $102,850, aligning with the 50% Fibonacci retracement from its recent leg up. While $105,000 remains the primary resistance to reclaim bullish control, failure to break above this zone could invite further downside pressure.
Support and Resistance: What to Watch
- Immediate Resistance: $103,600
- Key Resistance: $104,200 – $105,000
- Immediate Support: $102,850
- Major Support: $101,750 and $100,000
- Downside Target: $98,800 if breakdown continues
Technical Outlook
The RSI is now below 50 and MACD is trending into bearish territory. While long-term fundamentals remain strong, short-term traders should watch for a potential correction if BTC fails to reclaim key resistances quickly.
CryptaBlocks analysts continue to monitor the price structure closely to provide the most profitable and risk-managed investment insights for our clients.
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