Bitcoin Faces Resistance After Failing to Surpass Key Levels
- Bitcoin price peaked at $126,198 before undergoing a downside correction.
- BTC is currently trading below $124,000 and the 100 hourly Simple Moving Average.
- A bearish trend line with resistance at $123,500 is forming on the BTC/USD hourly chart.
- Immediate support levels are identified at $121,200 and $120,500.
- Key resistance levels include $122,250 and $123,500, with potential gains if surpassed.
Bitcoin’s recent attempt to break through the $126,200 level was met with resistance, leading to a price correction below key support zones. The cryptocurrency is now consolidating around the $122,000 mark as it faces immediate resistance near the $123,500 level.
If Bitcoin manages to close above the critical resistance of $124,200, it could potentially test higher levels such as $125,500 and even approach its previous high of around $126,000 again. (Source)
