Bitcoin Price Struggles for Momentum Amid Rising Global Conflict Fears

[Ben Graham]

Bitcoin price started a fresh increase and tested the $108,800 zone. BTC is struggling to rise further and is correcting gains below $108,000.

• Bitcoin started a fresh increase above the $107,000 zone.
• The price is trading above $106,800 and the 100 hourly Simple moving average.
• There was a break below a bullish trend line with support at $107,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start a fresh increase if it stays above the $105,500 zone.

Bitcoin Price Starts Fresh Increase

Bitcoin price started a fresh increase from the $104,500 support zone. BTC climbed above the $105,500 and $106,200 levels to enter a positive zone.

The price even jumped above the $108,000 resistance. However, the bears remained active amid rising global conflict fears. A high was formed at $108,898 and the price is now correcting gains. There was a move below the $108,000 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $104,529 swing low to the $108,898 high.

Besides, there was a break below a bullish trend line with support at $107,800 on the hourly chart of the BTC/USD pair. Bitcoin is now trading above $106,800 and the 100 hourly Simple moving average.

On the upside, immediate resistance is near the $107,600 level. The first key resistance is near the $108,000 level. The next key resistance could be $108,800. A close above the $108,800 resistance might send the price further higher. In the stated case, the price could rise and test the $110,000 resistance level. Any more gains might send the price toward the $112,000 level.

More Losses In BTC?

If Bitcoin fails to rise above the $108,000 resistance zone, it could start another decline. Immediate support is near the $106,700 level and the 50% Fib retracement level of the upward move from the $104,529 swing low to the $108,898 high. The first major support is near the $106,200 level.

The next support is now near the $105,500 zone. Any more losses might send the price toward the $103,500 support in the near term. The main support sits at $102,000, below which BTC might gain bearish momentum.

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 near the 50 level.

Major Support Levels – $106,700, followed by $105,500.

Major Resistance Levels – $107,600 and $108,000.