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Bitcoin Faces Pressure – Could The Price Resume Its Downtrend Soon?
Bitcoin's price experienced a recovery above $114,000 after a recent decline. Currently, the cryptocurrency faces challenges and is trading below $115,000 and its 100-hourly Simple Moving Average. A bearish trend line is forming, with resistance around $119,250 on the hourly chart. Immediate resistance is found near the $115,000 and $116,000 levels, potentially leading to further upward movement if broken. The price's upward movement broke the 50% Fibonacci retracement level from a recent price drop. Support levels are observed at $113,600 and $112,500, and a break below $112,500 could initiate a further decline. The Relative Strength Index (RSI) is below 50, indicating bearish momentum. The Moving Average Convergence Divergence (MACD) is also gaining pace in the bearish zone. If the price fails to overcome the $115,000 resistance, a new downtrend might begin, potentially testing support levels.
