Bitcoin Faces Sharp Drop Below Key $103,500 Level

Bitcoin is losing ground as it struggles to hold above key support levels, slipping below $103,500 resistance and trading under $103,000 with increasing bearish pressure.

This decline comes amid a key bearish trend line resistance around $102,400 on the hourly BTC/USD chart based on Kraken data.

Bitcoin Price Declines Amid Bearish Pressure

Bitcoin failed to maintain its position above the $104,000 support and started a renewed downward movement.

The price dipped below $103,500 and further breached the $102,400 support level, plunging into a bearish zone.

A significant low was registered near $100,266, signaling a consolidation of losses.

The downward move pushed BTC below the 100-hour simple moving average, marking the dominance of sellers.

Attempts by bulls to recover face resistance close to $102,000 and $102,250, with strong resistance formed by the bearish trend line at $102,400.

The $103,500 level, aligned with the 76.4% Fibonacci retracement of the recent drop from $104,498 to $100,266, stands as a crucial barrier.

If BTC fails to close above this zone, it could deepen the sell-off.

Support Levels Under Threat Amid Further Losses

Should Bitcoin falter at $102,400 resistance, immediate support lies at $100,500, followed closely by the critical $100,000 mark.

Below this, the next notable support zones are at $98,800 and $96,500. A drop beneath $95,500 could complicate near-term recovery efforts for Bitcoin.

Technical indicators reinforce the bearish outlook. The hourly MACD shows increasing momentum in the bearish zone, while the Relative Strength Index for BTC/USD remains below 50, reflecting weak buyer strength.

Bitcoin's price trajectory remains bearish until gains can breach resistance levels at $102,400 and $103,500.

Any sustained move above $103,500 could open the path to test higher resistance around $104,200, with further potential targets at $105,500 and beyond.