Bitcoin Price Alert: The cryptocurrency market is buzzing with speculations as the Bitcoin price showcases intriguing movements. Recently, Bitcoin experienced an upward wave crossing the $113,500 threshold. However, its journey has not been straightforward, encountering multiple resistance levels that could dictate its next move.
After breaking past the $115,000 mark, Bitcoin made a valiant effort to stabilize above $116,000. Despite these gains, the Bitcoin price is currently trading below $115,500, along with its 100 hourly simple moving average. A persistent bearish trend line is forming, posing a significant hurdle at $115,350 on the BTC/USD hourly chart.
Bitcoin Resistance Challenges
Bitcoin’s immediate resistance lies near $115,350, with a more formidable barrier at $116,150. A breakthrough past $116,750 could propel the Bitcoin price toward $117,500, eventually challenging the $118,500 resistance level. If the bulls succeed in surpassing these levels, a new rally could see the price test $118,800.
Potential Downside Risks
If Bitcoin fails to overcome the $116,150 resistance, a fresh decline could be imminent. Immediate support is found at $114,500, with the next significant floor at $113,750, coinciding with the 50% Fibonacci retracement of the upward move from $110,815 to $116,743. Further declines could lead Bitcoin toward the $112,500 support zone, with major support resting at $110,500, potentially triggering a steeper fall if breached.
Technical indicators provide additional insights. The hourly MACD is losing momentum in the bullish zone, while the RSI for BTC/USD hovers below 50, suggesting selling pressure might intensify.
Key Technical Levels
- Major Support Levels: $114,500, $113,750
- Major Resistance Levels: $116,150, $116,750
As the Bitcoin price navigates through these turbulent waters, traders should remain vigilant, ready to capitalize on potential breakout or breakdown opportunities.
