Bitcoin Price Drops Below $115,000 Amidst Bearish Trend
Bitcoin Price Update: Bitcoin is experiencing a decline, moving below key support levels.
- Bitcoin fell below the $115,000 mark, continuing its downward trend.
- The price is under $114,500 and is below the 100 hourly Simple Moving Average.
- A bearish trend line indicates resistance at $114,000 on the BTC/USD chart.
- Potential for price increase if Bitcoin surpasses the $115,000 zone.
Current Status
The price recently dropped below $115,500 and $115,000, entering a short-term bearish phase. It reached a low of $112,050 and is currently consolidating below the 23.6% Fibonacci retracement level from $117,920 to $112,050.
Bitcoin is trading below $113,500. Immediate resistance levels are $113,450 and $114,000. A successful close above $115,000 could lead to further gains towards $116,500 and potentially $116,800.
Potential for Further Losses
If Bitcoin struggles to break past $114,000, it may face more declines. Key support levels to watch are $112,000 and $111,250. The next significant support is at $110,500, with potential further drop to $108,800 or even $107,500 if bearish momentum continues.
- Technical Indicators:
- Hourly MACD: Bearish momentum increasing.
- Hourly RSI: Below the 50 level.
- Major Support Levels: $112,000 and $111,250.
- Major Resistance Levels: $114,000 and $115,000.