Bitcoin Price Retreats Below $115,500 Amid Bearish Momentum
Bitcoin Price Update
- Bitcoin failed to maintain gains above $117,750, currently trading below $115,500.
- A bearish trend line with resistance at $115,200 is forming on the BTC/USD hourly chart.
- If Bitcoin clears the $116,000 zone, it might start a new rise.
Recent Movements
- BTC reached a high of $117,920 before declining below $116,500 and $115,500.
- The decline intensified past $115,000, with a low now at $114,237.
- Price is consolidating below the 23.6% Fib retracement from $117,920 to $114,237.
Resistance and Support Levels
- Immediate resistance: $115,000, followed by $115,250 and $116,000.
- Potential further rise if price surpasses $116,000, testing $116,500 and possibly $117,250.
- Immediate support: $114,250, major support at $113,500 and $113,250.
- Further losses could target $112,500 or potentially $110,500 if declines continue.
Technical Indicators
- Hourly MACD is moving into the bearish zone.
- Hourly RSI for BTC/USD is below 50, indicating bearish momentum.