Kraken Market Watch: Bitcoin Tests Key Support Levels Amid Bearish Pressure

Bitcoin’s price continues to face downward pressure, testing the $104,600 support level after failing to hold above $107,500. The cryptocurrency now trades below both the $107,000 mark and the 100-hour Simple Moving Average, signaling weakened momentum. A bearish trend line has formed with resistance near $107,550 on the hourly chart, coinciding with the 50% Fibonacci retracement level of the recent drop from $110,500. This suggests that further downside may be on the horizon unless Bitcoin can reclaim key resistance levels. Traders and investors are closely monitoring these developments as the market seeks direction. Despite the short-term bearish outlook, long-term bullish sentiment remains intact, with many viewing this as a potential buying opportunity. Kraken and other major exchanges are seeing increased activity as market participants adjust their positions.

Bitcoin Price Extends Losses — Is More Downside on the Horizon?

Bitcoin’s price continues to face downward pressure, testing the $104,600 support level after failing to hold above $107,500. The cryptocurrency now trades below both the $107,000 mark and the 100-hour Simple Moving Average, signaling weakened momentum.

A bearish trend line has formed with resistance NEAR $107,550 on the hourly chart, coinciding with the 50% Fibonacci retracement level of the recent drop from $110,500 to $104,604. Market participants are watching for a potential break below $104,000, which could trigger further declines.

The current consolidation phase shows limited recovery potential, with Bitcoin struggling to reclaim even the 23.6% Fib level. The $107,500 zone now emerges as a critical resistance level that could determine whether the correction deepens or reverses.

Ethereum Price Faces Mild Correction as Support Levels Come Into Focus

Ethereum’s price has initiated a downward correction after failing to sustain momentum above the $2,780 resistance level. The second-largest cryptocurrency now trades below $2,650, with market participants closely monitoring key support zones that could determine its near-term trajectory.

The decline follows a recent recovery from the $2,550 support level that had briefly outperformed Bitcoin. ETH successfully breached the $2,650 and $2,750 resistance markers before encountering selling pressure. The subsequent pullback saw the price break below both the $2,700 support level and the 100-hourly Simple Moving Average.

Technical indicators show a bearish development with the breach of a crucial trend line at $2,625 on the ETH/USD hourly chart. The 50% Fibonacci retracement level of the recent upswing from $2,463 to $2,787 has also been compromised, suggesting weakening bullish momentum.