Behold, the price of Bitcoin, that most capricious of beasts, doth falter beneath the weight of $105,000. Alas, should it linger below the treacherous $104,200, a further plunge may yet be wrought.
- Verily, Bitcoin hath begun a fresh descent, breaching the $104,000 threshold, as if the very heavens conspired against it.
- The price now doth hover beneath $104,000, and the 100-hourly Simple Moving Average, a cruel mistress indeed.
- A break above the bearish trend line, with resistance at $103,000, hath occurred on the hourly chart of BTC/USD, though the specter of doubt lingers.
- If the price falters at $105,000, the path downward shall be paved with despair, as the bears grow bolder.
Bitcoin’s Struggle Against the Tide
Lo, the price of Bitcoin hath failed to cling to the $105,000 support, and thus began a fresh descent. It hath dipped below $103,500 and $102,000, plunging into a realm of shadows and gloom.
The decline was so fierce that the price even breached the $100,000 support, forming a nadir at $98,900. Yet, a recovery hath begun, ascending above the 23.6% Fib retracement level of the downward spiral from $111,000 to $98,900.
Moreover, a break above the bearish trend line at $103,000 hath occurred on the hourly chart, yet the bears remain vigilant near $104,000, like wolves in the night.
Bitcoin now trades beneath $104,000 and the 100-hourly Simple Moving Average. Should the bulls attempt another ascent, they shall face resistance near $103,500, the first of many trials.
The next resistance lies at $105,000, a gauntlet for the brave. A close above this threshold might elevate the price further, testing $106,500, then $107,500, and finally $108,500, a fortress of hope.
Another Descent for BTC?
If Bitcoin falters at $104,000, it may yet descend. The immediate support is near $102,150, a fragile crutch. The first major support lies at $100,500, a beacon in the dark.
The next support now resides at $100,000, and further losses may send the price toward $98,800. The main support, however, is at $97,500, beyond which recovery seems a distant dream.
Technical indicators:
Hourly MACD – The MACD, that most fickle of allies, now gains momentum in the bearish abyss.
Hourly RSI – The RSI for BTC/USD doth linger below 50, a sign of waning strength.
Major Support Levels – $102,150, then $100,500.
Major Resistance Levels – $103,500 and $104,000, the gates of despair.
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2025-11-06 05:49