Kraken Data Shows Bitcoin’s Fragile Recovery Faces Key Resistance at $116,000
Recent trading data from Kraken reveals Bitcoin's delicate recovery attempt as the cryptocurrency struggles to maintain momentum above critical resistance levels. After briefly climbing above $114,200, Bitcoin now faces significant technical hurdles that could determine the sustainability of its current upward movement. The analysis of BTC/USD hourly charts from Kraken indicates a concerning bearish configuration, with the digital asset trading below both the psychological $116,000 barrier and the 100-hour moving average. This technical setup suggests that despite showing tentative recovery signs, Bitcoin's rally remains vulnerable to potential reversals. The formation of a descending trendline near $119,250 further complicates the bullish scenario, indicating that sellers may still control the market's intermediate-term direction. Market participants are closely watching these key resistance levels on Kraken's trading platform, as a decisive break above $116,000 could signal stronger recovery potential, while failure to overcome this barrier might lead to renewed selling pressure. The current technical landscape, as reflected in Kraken's chart data, presents a cautious outlook for Bitcoin traders, emphasizing the importance of monitoring these critical resistance zones for clearer directional signals in the coming trading sessions.
Bitcoin Faces Resistance Amid Recovery Attempt
Bitcoin's price action shows tentative recovery signs after climbing above $114,200, though the rally appears fragile. The cryptocurrency now confronts immediate resistance NEAR $116,000 while trading below both this psychological level and the 100-hour moving average—a classic bearish configuration.
Technical charts reveal a concerning pattern: a descending trendline forming near $119,250 on BTC/USD hourly charts (Kraken data). This comes after Bitcoin retraced 50% of its recent drop from $123,750 to $100,000. Market participants are watching the $112,500 support level closely—a breach could accelerate downward momentum.
The recovery faces multiple overhead hurdles, with key resistance clustered between $115,000-$118,150. A decisive close above $118,150—the 76.4% Fibonacci retracement level—could invalidate the bearish thesis. Until then, the path of least resistance appears skewed downward.
XRP Price Faces Resistance at $2.65 as Recovery Momentum Wanes
XRP's price recovery has hit a significant barrier near the $2.65 level, despite climbing above key support zones. The cryptocurrency, now trading above $2.52 and its 100-hour moving average, faces a critical test of bullish conviction.
A bearish trend line forming at $2.65 on the XRP/USD hourly chart presents formidable resistance. This level coincides with the 76.4% Fibonacci retracement of the asset's recent decline from $3.05 to $1.40. Market participants await a decisive breakout above this threshold to confirm continuation of the uptrend.
The recovery wave, which began from $2.20 support, mirrors broader market movements seen in bitcoin and Ethereum. However, failure to sustain above $2.50 could trigger renewed selling pressure, potentially invalidating the current bullish structure.
