Bitcoin Price Corrects Gains After Testing $122,250 Resistance Zone

Bitcoin is currently correcting gains from the $122,250 level, consolidating around $118,000. A move towards the $120,500 resistance zone is anticipated.

BTC increased above the $118,500 mark.
The price remains above $118,000 and the 100 hourly Simple Moving Average.
A key bullish trend line support at $119,500 has been breached.
Further increases may occur if the price clears the $120,500 resistance.

Current Price Movements

Support was found near $115,500, allowing BTC to rise past $117,500 and $118,800. The price reached a high of $122,273 before correcting below $120,500. It also dipped below the 50% Fib retracement level of the upward movement from $116,282 to $122,273.

Immediate resistance is noted around $119,250, with significant resistance at $120,500. If the price closes above $121,250, it could test $123,200 and possibly reach $125,000.

Potential Decline Risks

If Bitcoin cannot surpass $120,500, it may decline. Immediate support levels are:

$118,200
$117,800
$116,550
$115,500
Main support at $113,500

Technical indicators show the MACD losing momentum and the RSI below 50, indicating potential bearish pressure.