Bitcoin Price Falls Below $120,000 Amid Bearish Trend
Bitcoin's price is experiencing a downside correction, falling below $124,000 and trading beneath the 100 hourly Simple Moving Average.
- BTC has dipped below the $123,200 level and is struggling around $120,000.
- A bearish trend line is forming with resistance at $122,750 on the BTC/USD pair chart.
- The price recently hit a low of $119,810 after failing to maintain above $125,000.
- Immediate resistance is at $121,750, with key resistances at $122,250 and $122,750.
- If Bitcoin rises above $122,750, it might test $123,500 and potentially reach $124,000 or $125,500.
- If BTC fails to surpass $122,750, it may decline further, with support at $120,750 and $120,000.
- Further losses could push BTC toward $118,500 or even $116,500, with main support at $115,500.
Technical indicators:
- Hourly MACD: Gaining pace in the bearish zone.
- Hourly RSI: Below the 50 level, indicating weakness.