Bitcoin (BTC/USD) traded lower on Wednesday, failing to hold above the psychological $105,000 level as intraday weakness and bearish technical signals weighed on sentiment. At the close, BTC stood at $104,137, marking a 0.75% decline on the daily chart.
🔍 Daily Technical Analysis (1D Timeframe)
- Price Range: $105,254 (High) to $104,110 (Low)
- Close: $104,137
- Volume: 262 BTC
- Indicators:
- Bollinger Bands (20, 2):
- Upper Band: $109,766
- Middle (SMA): $105,825
- Lower Band: $101,884
- RSI (14): 46.21 – trending below the neutral zone, indicating weakening momentum.
- Bollinger Bands (20, 2):
Bitcoin is hovering just above the lower Bollinger Band, signaling a potential short-term bounce—but the RSI dipping below 50 reflects growing bearish control. If the $101,800 zone breaks, the next key level lies near $98,000.
⏱️ Intraday Snapshot (15-Minute Chart)
- Current Price: $104,181
- Change: -$51 (-0.05%)
- Bollinger Bands:
- Upper Band: $104,978
- Middle Band: $104,484
- Lower Band: $103,989
- RSI (14): 40.01 – near oversold, showing mild recovery attempts but no strong reversal yet.
On shorter timeframes, BTC struggled to reclaim the midline of the Bollinger Band and continues to face selling pressure below $104,500. The RSI hovering around 40 supports the short-term bearish outlook.
📉 What’s Driving the Decline?
- Lack of Institutional Buying around the $105K zone.
- Profit-taking after recent resistance tests above $110K.
- Macroeconomic Caution ahead of central bank speeches and inflation reports globally.
📊 Key Support & Resistance Levels
| Level | Value (USD) |
|---|---|
| Immediate Support | $103,989 – Bollinger lower band (15-min) |
| Major Support | $101,800 – Daily lower band |
| Resistance Zone | $105,825 – Daily mid-band (SMA 20) |
| Key Resistance | $109,766 – Daily upper Bollinger band |
🔮 Outlook
If Bitcoin fails to hold the $104,000–$103,800 support area, the next wave of selling could push prices toward the psychological $100K mark. However, oversold conditions on intraday charts suggest a possible short-term technical rebound before the next directional move.
📌 Related Crypto Analysis on StockMarketRulers.com:
Disclaimer: This article is for informational purposes only. Cryptocurrency investments are subject to high market risks. Always conduct your own research or consult a financial advisor before making investment decisions.
