Bitcoin Price Declines Over 7% Amid Weakening Bullish Momentum
Bitcoin (BTC) Analysis
Bitcoin has declined over 7% since reaching record highs above $124,000. The following points highlight the current situation:
Bullish Momentum Fading
- BTC failed to maintain levels above $122,056, a Fibonacci golden ratio.
- Resistance trendline from previous bull markets (2017 and 2021) remains unbroken.
- The weekly stochastic oscillator indicates potential correction ahead.
Daily Chart Insights
- Latest daily candle broke below bullish trendline from April lows.
- Recent bearish outside-day candle suggests seller dominance.
- Increased downside risk, with possible retest of $11,982; breaking this level could lead to focus on the 200-day moving average around $100,000.
- A reversal above $118,600 may weaken bearish outlook.
- Resistance levels: $120,000, $122,056, $124,429.
- Support levels: $111,982, $105,295, $100,000.