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>>Bitcoin's price decline continues, with traders showing restraint amid increasing selling pressure.

Bitcoin's price decline continues, with traders showing restraint amid increasing selling pressure.

crypthub

1 day ago

Recent Price Correction

Bitcoin's price has experienced a correction, trading below the $124,000 level and struggling to maintain gains. The price dipped below key support levels, including $121,200 and reaching a low of $119,810. Bears remain active, impacting upward momentum and pushing the price downward.

Technical Analysis & Resistance

A bearish trend line is forming with resistance at $122,750 on the hourly chart. Resistance levels are now near $121,750, $122,750, and $123,500. The hourly MACD is gaining pace in the bearish zone, and the RSI is below the 50 level.

Potential Further Declines

If Bitcoin fails to surpass the $122,750 resistance zone, a fresh decline is anticipated. Immediate support sits near $120,750, followed by $120,000 and $118,500. Further losses could lead to tests of support at $116,500 and $115,500.