Bitcoin Price Slips Again, Triggering Fresh Fears of a Deeper Correction

Bitcoin experienced a price decline, briefly testing the $104,200 support level. The price is currently consolidating after the drop, showing signs of stability above $104,000. It's trading below $106,000 and the 100-hourly Simple Moving Average, indicating potential resistance. A bullish trend line is forming, offering support around $104,450 on the hourly chart. Immediate resistance is observed near $105,500, with the $106,800 level as a crucial hurdle. Breaking above $106,800 could propel Bitcoin higher, potentially targeting $107,500 and even $110,000. Conversely, failure to surpass $106,000 might trigger another decline with support at $104,500 and $104,200. Key support levels are at $104,200 and $103,200, while resistance levels are at $105,500 and $106,800. The Hourly MACD indicates a slowing bullish momentum, and the RSI is below 50, suggesting potential bearish pressure.