Bitcoin Price Corrects From New ATH

Bitcoin price started a downside correction from the $123,200 zone. BTC is currently trading below $120,000 and may find support around the $115,500 mark.

• Bitcoin initiated a decline from its recent all-time high near $123,200.
• The price is trading beneath $120,000 and the 100-hourly Simple Moving Average.
• A break above a bearish trend line occurred, with resistance at $117,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair may experience additional gains if it surpasses the $120,000 resistance zone.

Bitcoin Price Movement

Following a breakout above the $118,500 resistance zone, Bitcoin saw significant upward movement beyond the $120,000 and $122,000 levels.

The bulls pushed the pair past the $123,000 threshold, establishing a new all-time high at $123,140. Subsequently, the price began to correct from these gains, moving below the 23.6% Fibonacci retracement level of the increase from the $108,636 swing low to the $123,140 high.

Currently, Bitcoin is trading beneath $120,500 and the 100-hourly Simple Moving Average. Nonetheless, it remains above the 50% Fibonacci level of the movement from $108,636 to $123,140.

Additionally, a break above a bearish trend line with resistance at $117,300 has been noted on the hourly BTC/USD chart. Immediate upside resistance is near the $118,500 level, followed by significant resistance around $120,000 and potentially $122,000.

A closing price above the $122,000 resistance could extend gains, possibly testing the $123,200 resistance level, with further aspirations towards $125,000 and a key target of $130,000.

Potential Further Losses in BTC?

Should Bitcoin fail to breach the $120,000 resistance zone, a downtrend could continue. Immediate support is located near $115,850, with significant support around $115,500.

The next support level is at approximately $114,150. Continued losses could push the price toward the $112,500 support level in the near term. The main support is situated at $110,500; a drop below this level may cause further declines.

Technical Indicators

• Hourly MACD: The MACD is losing momentum in the bearish range.
• Hourly RSI (Relative Strength Index): The RSI for BTC/USD is currently below 50.

Major Support Levels

• $115,500, followed by $114,150.

Major Resistance Levels

• $120,000 and $122,000.