Bitcoin Price Analysis: Wobbly Recovery or Further Drop?
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Bitcoin's price is currently consolidating below the $116,200 resistance zone, facing challenges in recovering above this level. The cryptocurrency recently experienced a decline from the $115,500 zone, currently trading below $114,000 and the 100-hourly Simple Moving Average. A bearish trend line has formed, with resistance at $114,400. While a recovery wave pushed Bitcoin above the $113,200 and $114,000 resistance levels, reaching the 23.6% Fib retracement level, bears prevented further gains near the $115,500 resistance, with the 50% Fib retracement level also acting as resistance. Key resistance levels are identified at $114,000, $115,000, and $115,500. Breaking above $115,500 could propel the price towards $116,500, $118,000, and potentially $120,000. Conversely, failure to surpass the $115,000 resistance could trigger another decline. Support levels are identified at $113,200, $112,500, $112,000, $110,500, and a major support at $108,500. Technical indicators show a bearish sentiment, with the hourly MACD gaining pace in the bearish zone and the RSI below 50. The overall outlook suggests uncertainty, with the potential for further decline if Bitcoin fails to break through key resistance levels.
(Source: https://www.newsbtc.com/analysis/btc/bitcoin-price-wobbles-120k/)
