🚨 Bitcoin’s Dramatic Plunge: Will It Drown in the Crypto Sea? 🌊

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Darling, it seems our dear Bitcoin is having another one of its little tantrums, tumbling below the oh-so-dramatic $110,000 mark. If it can’t muster the courage to rise above this resistance, one fears it might continue its downward spiral, like a socialite at a cocktail party after one too many martinis. 🍸

  • Bitcoin, my dear, has taken a nosedive below the $109,500 support-how très tragic! 💔
  • It’s now languishing below $109,000, and the 100 hourly Simple Moving Average-positively below stairs behavior. 🧹
  • A bearish trend line is forming, with resistance at $109,800 on the hourly chart of the BTC/USD pair (courtesy of Kraken, of course). 📉
  • If it dares to trade below the $107,400 zone, one can only imagine the scandal it will cause! 😱

Bitcoin’s Rejection: A Tale as Old as Time

Poor Bitcoin couldn’t keep its head above the $110,500 pivot level and has since embarked on a fresh decline. It’s dipped below $110,000 and $109,500, landing itself squarely in a bearish zone-how utterly unfashionable. 👎

The decline was so severe, it traded below the 50% Fib retracement level of its upward move from the $106,312 swing low to the $111,000 high. And, darling, there’s that pesky bearish trend line again, with resistance at $109,800 on the hourly chart. 📊

Bitcoin is now trading below $109,000 and the 100 hourly Simple Moving Average. If the bulls attempt a comeback, they’ll likely face resistance near $109,500. The first key resistance is at $109,800, and that trend line-oh, the drama! 🎭

The next resistance could be $110,500. A close above that might send the price soaring, testing the $111,200 resistance. Any further gains could push it toward $113,500. The next barriers? $115,000 and $115,500-how ambitious! 🚀

More Losses for BTC? Oh, the Horror!

If Bitcoin fails to rise above the $109,800 resistance zone, it might continue its downward spiral. Immediate support is near $107,400, or the 76.4% Fib retracement level of its upward move from $106,312 to $111,000. The first major support is at $106,500-one can only hope it holds! 🤞

The next support is near $105,500. Any further losses could send it tumbling toward $104,200 in the near term. The main support sits at $103,500, below which BTC might struggle to recover-how dreadfully inconvenient! 😖

Technical indicators, you ask? Well, darling:

Hourly MACD – The MACD is gaining pace in the bearish zone-how predictable. 🐻

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is below the 50 level-positively underwhelming. 🙄

Major Support Levels – $107,400, followed by $106,500-one can only cross one’s fingers. 🤞

Major Resistance Levels – $109,800 and $110,500-let’s hope it finds its backbone! 💪

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2025-11-03 07:19