Bitcoin stalls near important price points – will it recover and rise?

crypthub

about 10 hours ago

Recent Bitcoin Price Action

Bitcoin's price has experienced a correction, falling below the $125,000 pivot level. It is currently consolidating near $122,200, encountering difficulty in surpassing the $125,000 resistance. A previous high of $126,198 was reached before a subsequent dip tested the $120,500 region.

Support and Resistance Levels

A bullish trend line provides support at the $122,200 level based on hourly charts. Immediate resistance is near $123,450, with key resistance points at $124,000 and $124,850. Further gains might target $125,500 and eventually $126,000.

Potential Future Trends

If Bitcoin fails to break above the $124,000 resistance, a fresh decline is possible. Support levels to watch are $122,000, $121,200, and $120,500. Further losses could potentially push the price towards $118,500 and $116,800.

Technical Indicators

The hourly MACD is slowing in the bullish zone, while the hourly RSI is below 50. These indicators suggest a weakening bullish momentum, requiring close monitoring of support and resistance levels for potential future price movements.