Bitcoin Bleeds: Will Bulls Step In to Stop the Carnage?

Bitcoin's price keeps tumbling—now traders are scrambling to spot the bottom. Is this a fire sale or the start of something uglier?

Key Levels to Watch

The king of crypto flirts with critical support. Break below? Brace for panic. Hold? Cue the relief rally.

Market Psychology at Play

Fear's creeping in, but seasoned hodlers know the drill. Retail sells, whales accumulate—rinse and repeat since 2010.

Wall Street's Watching

Traditional finance vultures circle, waiting to call this the 'death of crypto' (again). Meanwhile, smart money's DCA-ing like there's no tomorrow.

The Bottom Line

Volatility is the price of admission. Either you believe in the tech or you don't—but don't pretend this isn't exactly how Bitcoin behaves.

Bitcoin Price Dips Further

Bitcoin price traded to a new all-time high NEAR $124,000 and started a fresh decline. BTC gained bearish momentum and traded below the $120,000 support zone.

There was a MOVE below the $118,500 support zone and the 100 hourly Simple moving average. Besides, there was a break below a key declining channel with support at $116,200 on the hourly chart of the BTC/USD pair. The pair tested the $115,800 zone.

It is now consolidating losses below the 23.6% Fib retracement level of the recent decline from the $124,420 swing high to the $115,800 low. Bitcoin is now trading below $118,000 and the 100 hourly Simple moving average.

Immediate resistance on the upside is near the $116,850 level. The first key resistance is near the $118,000 level. The next resistance could be $118,500. A close above the $118,500 resistance might send the price further higher.

In the stated case, the price could rise and test the $119,200 resistance level. Any more gains might send the price toward the $120,000 level or the 50% Fib retracement level of the recent decline move from the $124,420 swing high to the $115,800 low. The main target could be $121,500.

More Losses In BTC?

If bitcoin fails to rise above the $118,000 resistance zone, it could start a fresh decline. Immediate support is near the $115,800 level. The first major support is near the $115,000 level.

The next support is now near the $113,500 zone. Any more losses might send the price toward the $112,500 support in the near term. The main support sits at $110,000, below which BTC might continue to move down.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $115,800, followed by $115,000.

Major Resistance Levels – $118,000 and $118,500.