Bitcoin’s Dip Deepens: $112K Test Looms Before Bull Rally Resumes

Bitcoin keeps bleeding—no surprise for a market that treats 'stablecoin' as a punchline. Here's the breakdown:

Blood in the Streets (Again)

The king of crypto slides further, flirting with a $112K support level that could either spark a rebound or trigger more panic selling. Traders are glued to charts like it's 2021, praying this isn't another 'buy the dip... until you can't' scenario.

Why This Matters

Another test of faith for HODLers. Institutions are either quietly accumulating or waiting to short the next dead-cat bounce—Wall Street plays both sides, as usual.

Bottom Line

Volatility is Bitcoin's brand. Whether this dip becomes a buying opportunity or a warning sign depends entirely on who's holding the bag when the music stops. (Spoiler: It's rarely the hedge funds.)

Bitcoin Price Dips Again

Bitcoin price started a fresh decline after a close below the $120,000 level. BTC gained bearish momentum and traded below the $118,500 support zone.

There was a MOVE below the $116,500 support zone and the 100 hourly Simple moving average. The pair tested the $114,750 zone. A low was formed at $114,715 and the price is now consolidating below the 23.6% Fib retracement level of the recent decline from the $124,420 swing high to the $114,715 low.

Bitcoin is now trading below $117,000 and the 100 hourly Simple moving average. Immediate resistance on the upside is NEAR the $117,000 level. The first key resistance is near the $118,000 level. There is also a key bearish trend line forming with resistance at $118,000 on the hourly chart of the BTC/USD pair.

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 $119,500 resistance level. It is close to the 50% Fib retracement level of the recent decline from the $124,420 swing high to the $114,715 low. Any more gains might send the price toward the $120,000 level. 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 $115,000 level. The first major support is near the $114,750 level.

The next support is now near the $113,500 zone. Any more losses might send the price toward the $112,000 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 – $115,000, followed by $113,500.

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