Bitcoin’s upward momentum stalled shy of the $117,750 mark. BTC is now trending downwards, potentially heading for a support test around $113,200.
- Bitcoin has initiated a new downtrend, falling below the $115,500 threshold.
- The price is currently trading below $115,500 and the 100-hour simple moving average.
- A connecting negative trendline is materializing, presenting resistance at $115,200 on the hourly chart for BTC/USD (Kraken data).
- A renewed upward surge could commence if the price breaks through the $116,000 area.
Bitcoin Price Retreats
After an initial push upwards past $116,500, Bitcoin encountered resistance. BTC successfully surpassed the $116,800 and $117,500 resistance boundaries before sellers stepped in.
A peak was established at $117,920, triggering a subsequent price decline. Moves below $116,500 and $115,500 followed. The descent intensified past the $115,000 level. A bottom was reached at $114,237, and the price is now consolidating beneath the 23.6% Fibonacci retracement level of the recent drop from the $117,920 swing high to the $114,237 low.
Bitcoin is currently valued under $115,500 and the 100-hour simple moving average. Furthermore, a bearish trendline is taking shape with resistance observed at $115,200 on the hourly BTC/USD chart.
Immediate resistance on the upside looms near the $115,000 level. The initial key resistance lies around $115,250. The subsequent resistance point may be at $116,000 or the 50% Fibonacci retracement level of the recent pullback from the $117,920 swing high to the $114,237 low.
A decisive move above the $116,000 resistance could propel the price higher. In such a scenario, the price could climb towards the $116,500 resistance. Further gains could potentially drive the price toward the $116,800 level. The next hurdle for buyers might be $117,250.
Further Downside for BTC?
Should Bitcoin fail to overcome the $116,000 resistance area, it could initiate another decline. Immediate support can be found near $114,250. The first major support zone is located around $113,500.
The next support level now lies near the $113,250 region. Further declines may push the price toward the $112,500 support in the short term. Key support rests at $110,500; breaching this level could trigger a significant downward spiral for BTC.
Technical Analysis:
Hourly MACD – The MACD indicator is currently gaining momentum in the bearish territory.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is presently below the 50 threshold.
Key Support Levels – $114,250, followed by $113,250.
Key Resistance Levels – $115,000 and $116,000.