Bitcoin Price Analysis: BTC Rebounds from Key $104K Support Zone

Bitcoin is trading around $108,500, rebounding from the 0.236 Fibonacci retracement level ($104,882) — a critical support area that aligns with the 200-day EMA ($108,037). After a sharp correction from recent highs, BTC is attempting to stabilize, though it remains below major EMAs.

Key Levels to Watch

Resistance:
🔹 $108,980 — 0.382 Fib retracement
🔹 $112,291 — 0.5 Fib level
🔹 $115,603 — 0.618 Fib & EMA100
🔹 $120,318 — 0.786 Fib / next major resistance

Support:
🔸 $108,037 — 200 EMA
🔸 $104,882 — 0.236 Fib retracement
🔸 $104,404 — strong horizontal support zone
🔸 $98,259 — Fib 0 / next key downside target

Indicators & Momentum

EMA Trend:
20 EMA ($113,197) and 50 EMA ($114,191) slope downward, confirming short-term bearish momentum.

RSI:
Momentum is weak but showing early signs of recovery from oversold territory, indicating a possible short-term relief bounce.

Structure:
BTC remains in a corrective downtrend, with bulls attempting to defend the 200 EMA to prevent further downside pressure.

Outlook Summary

🔹 Bias: Bearish to Neutral
If BTC holds above $108K, it could attempt a recovery toward $112K–$115K.
Failure to sustain above $108K risks another drop toward $104K–$98K support region.

$BTC
#CryptoMarketPullback