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Bitcoin Price Under Pressure – Charts Turn Bearish As Bulls Lose Control
Bitcoin's price initially corrected losses, surpassing $115,000, but now struggles to maintain those gains. The cryptocurrency encountered resistance and began a fresh decline, unable to break $116,000. Currently, Bitcoin trades below $115,000 and the 100-hourly simple moving average. A bearish trend line is forming, with resistance at $118,250. The price faces immediate resistance at $114,000 and key resistance levels at $115,000 and $116,000. A successful break above $116,000 could propel the price toward $117,200 and possibly even $118,500. However, failure to surpass $116,000 might trigger a further price decline. Immediate support lies near $111,800, with major support levels at $110,500 and $107,000. Technical indicators show a bearish trend, with the MACD gaining momentum in the bearish zone and RSI below 50.
