Bitcoin Price Dips Below $124,000 Amid Bearish Trend Signals
Bitcoin's price faces a correction after failing to surpass $126,200. It currently consolidates near $122,000 with potential for a recovery.
- BTC corrected downward below $125,000 and trades under $124,000.
- A bearish trend line forms with resistance at $123,500 on the hourly BTC/USD chart.
- Further decline is possible if it falls below the $120,500 level.
Bitcoin Price Dynamics
- BTC reached a high of $126,198 before correcting below $124,000.
- It tested the $120,500 region and now stabilizes near the 23.6% Fib retracement from $126,191 to $120,694.
- Immediate resistance lies at $122,250, with key resistance around $123,500.
- If BTC closes above $124,200, it may rise towards $125,500 and potentially $126,200.
Potential for Further Losses
- Failure to break $123,500 resistance could trigger a fresh decline.
- Immediate support is near $121,200, with major support at $120,500.
- Further losses might push BTC to $118,500 or even $116,200, with main support at $115,500.
Technical Indicators:
- Hourly MACD: Losing pace in the bullish zone.
- Hourly RSI: Below the 50 level for BTC/USD.
- Major Support Levels: $121,200 and $120,500.
- Major Resistance Levels: $122,250 and $123,500.