Bitcoin Price Sideways Action Builds — Will Bulls Step In After a Minor Dip?

Bitcoin's price has started a fresh increase above the $106,500 zone and is now consolidating, aiming to move above the $108,000 resistance. The price is trading above $106,500 and the 100 hourly Simple Moving Average. A break below a bullish trend line with support at $107,300 on the hourly chart occurred, but the price stayed above the 23.6% Fib retracement level. Bitcoin is now trading above $106,000 and the 100 hourly Simple Moving Average. Immediate resistance is near the $107,800 level, and the first key resistance is near the $108,150 level. A close above the $108,150 resistance might send the price further higher, potentially testing the $110,000 resistance level. If Bitcoin fails to rise above the $108,150 resistance zone, it could start another decline, with immediate support near the $105,800 level. The next support is near the $103,200 zone and the 50% Fib retracement level of the upward move from the $98,272 swing low to the $108,165 high. Any more losses might send the price toward the $102,500 support in the near term, with the main support sitting at $101,200. The Hourly MACD is losing pace in the bullish zone, and the Hourly RSI is now below the 50 level.