Bitcoin’s price has corrected its gains to trade below $124,000. BTC has been struggling recently and could continue to fall below $120,000.
- Bitcoin has started to correct downwards below the 123,200-level.
- The 100 hourly simple moving average and price are below the $123,000 mark.
- On the hourly BTC/USD chart, there is a growing bearish trend with resistance around $122,750 (data from Kraken).
- It is possible that the pair will continue to fall if its price falls below $120,000.
Bitcoin Price Drops Even Further
Bitcoin failed to remain above $125,000 and began a new trend. decline. BTC dropped below $124,000 to enter short-term negative territory.
Bears even drove the price down to below $121,200. At $119.810, a new low was established and recently the price has recovered. A move was made toward the 50% Fib level for the recent drop from the 123,750 swing low to the $119.810 lowest price.
The bears remain active around $121,750. Bitcoin has fallen below the $121,500 mark and is currently trading at below that level. 100 hourly Simple moving average. A bearish trendline is forming on the BTC/USD hourly chart with resistance of $122,750.
On the upside, immediate resistance is located near the level $121,750. The $122,250 area is the first major resistance. It also marks the level where the 61.8% Fib of the recent fall from the 123,750 swing-high to the $119.810 low was calculated.
The trend line and $122,750 could represent the next resistance. If the price closes over the $122,750 barrier, it could send the price higher. Price could test resistance at $123,500 in this case. Any further gains could send the price towards the $124,000 level. Bulls may face a next hurdle of $125,500.
BTC: More losses in the BTC market?
Bitcoin could begin a new decline if it fails to break through the resistance zone of $122,750. Near the $122,750 mark, there is immediate support. Near $120,000 is the first level of major support.
Next support zone is near $118.500. In the short term, any further losses could send the price towards the support of $116.500. BTC could struggle in the near term to recover below $115,000.
Indicators of technical indicators
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $120,750, followed by $120,000.
Major Resistance Levels – $122,750 and $123,500.
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Source: www.newsbtc.com
