Bitcoin (BTC) Price Today Drops Below $102,000 as Bulls Fail to Close Above $105,000 Resistance

The Bitcoin price today is hovering near $102,400 after bulls failed to close above the $105,000 level on May 14–15.

The Bitcoin price today is hovering near $102,400 after bulls failed to close above the $105,000 level on May 14–15. While the broader trend remains bullish, short-term indicators show fading momentum after a multi-week rally that began from $74,000. A rejection from key resistance has left BTC vulnerable to a pullback as traders eye intraday support zones.

What’s Happening with Bitcoin’s Price?

After a sharp rise from $78,000 to $105,700, Bitcoin price action has entered a cooling phase. The 4-hour chart shows BTC forming a narrowing triangle structure with lower highs and horizontal support near $100,800. This range-bound behavior indicates market indecision. At the time of writing, price is testing the lower boundary of this formation.

On the weekly Fibonacci chart, BTC rejected from the 0.786 retracement level at $101,970 and is struggling to reclaim the 1.0 Fib at $109,396, a strong historical resistance. If BTC fails to break above this zone, it could enter a broader retracement phase toward the 0.618 level at $96,556.

Bitcoin Price Faces Intraday Pressure Near Key Support

Shifting to the 30-minute chart, BTC is slipping below the key short-term support at $102,800. The RSI stands at 31.4, entering oversold territory, while MACD has turned sharply negative with a widening histogram, suggesting strong short-term downside pressure.

A close below $102,000 could open a flush toward $100,800, which aligns with the lower trendline of the current 4-hour triangle. This level has acted as dynamic support since May 10 and remains pivotal for holding the structure.

Bollinger Bands on the 4-hour chart are beginning to narrow, indicating reduced Bitcoin price volatility. Price is clinging to the lower Bollinger Band around $101,742, which increases the probability of a rebound if buyers step in.

Why Bitcoin Price Going Down Today?

The latest Bitcoin price update shows selling pressure after BTC failed to break through the upper resistance band at $105,000. The rejection from the high created a short-term bearish divergence on the RSI and a MACD crossover to the downside on the 30-minute chart.

This might be why Bitcoin price is going down today, as the inability to continue the ascent has exhausted the earlier bullish momentum.

Unless the $104,000–$105,500 zone is breached decisively, BTC could remain stuck in a short-term correction range.

Will Bitcoin Price Hold the $102K Support or Break Lower?

On the daily chart, BTC remains above its long-term trend breakout from April. The 20 EMA sits at $103,260, acting as immediate resistance. The 50 EMA below at $101,904 coincides with the key support band. As long as Bitcoin price remains above this dynamic zone, bulls have a fighting chance.

The weekly structure still favors buyers, but a failure to defend $100,800 may push BTC into a deeper correction toward $96,500–$98,000, which aligns with multiple Fibonacci retracements and horizontal support.

On the flip side, if BTC breaks back above $104,000 with volume, the $105,700 high could be retested, and a move toward $107,000 and the 1.0 Fibonacci extension becomes likely.

Bitcoin Price Forecast Table for May 16