Bitcoin Price Dips Sharply Below $102K as Profit-Taking Accelerates

Bitcoin's price has recently experienced a fresh decline, dropping below $104,000 and the 100-hourly Simple Moving Average. This decline included a break below a key bullish trend line, indicating bearish pressure. The price then tested and found support around the $100,500 zone before consolidating. Bitcoin briefly dipped below $104,500 and entered a short-term bearish zone. The cryptocurrency is now trading below $103,000, with immediate resistance near $102,000 and $103,200. Further resistance exists near $103,600, representing a potential test point. If Bitcoin fails to surpass $103,200, further declines are expected, with support at $101,200 and $100,500. The next major support lies near the $100,000 zone, and potentially $98,500 if the downtrend continues. Technical indicators like the MACD and RSI suggest bearish momentum in the short term.