Bitcoin's Bearish Grip Tightens: What's Next for BTC Price?
Bitcoin is currently battling a significant downturn, trading below the crucial $115,500 mark. The cryptocurrency continues to exhibit strong bearish signals, indicating a persistent risk of further losses if it fails to reverse its trajectory from the challenging $112,000 support zone.
Price Action and Key Resistance
BTC initiated a fresh decline after failing to sustain its position above the $118,000 level, subsequently falling below the $115,500 support and the 100-hour Simple Moving Average. A critical bearish trend line is reinforcing this downtrend, establishing resistance around $115,400 on the hourly chart. For any hope of recovery, Bitcoin must decisively breach the $115,500 and $118,500 resistance levels. The latter aligns closely with the 50% Fibonacci retracement of its recent swing from a high of $124,420 to a low of $112,610. A successful breakout above these points could propel BTC towards the $120,000 level, with an ambitious primary target set at $121,500.
Crucial Support Levels and Bearish Outlook
Conversely, a failure to overcome the $115,000 resistance could trigger a renewed wave of selling pressure. Immediate support is anticipated near $112,500, with a more substantial major support lying at $112,000. Should these critical levels fail to hold, Bitcoin's price could plunge further towards $110,500. The ultimate line of defense for the bulls rests at $108,000; a break below this point could lead to a significant price hit. Technical indicators further underscore the bearish sentiment, with the Hourly MACD showing increasing bearish momentum and the Hourly Relative Strength Index (RSI) remaining below the 50 level.
