Bitcoin Faces Resistance and Potential Decline Below Key Levels
- Bitcoin price is correcting from a high of $116,743, now trading below $115,500.
- BTC is below the key resistance level of $116,500 and the hourly Simple Moving Average.
- A bearish trend line with resistance at $115,350 is forming on the BTC/USD hourly chart.
- Immediate support levels are at $114,500 and $113,750.
- Major resistance levels are identified at $116,150 and potentially up to $118,800 if gains continue.
Bitcoin’s recent price correction from a high of $116,743 has seen it dip below crucial support levels such as $115,500 and the hourly Simple Moving Average. The presence of a bearish trend indicates potential further declines unless BTC can clear significant resistance zones like $116,500.
If Bitcoin fails to rise above its immediate resistance levels of $116,150 and beyond, it could face further declines toward major supports at $113,750 or lower. (Source)
