Bitcoin Faces Pressure – Could The Price Resume Its Downtrend Soon?

Bitcoin worth corrected losses and traded above the $114,200 degree. BTC is now struggling and may face hurdles close to the $116,000 degree.

Bitcoin began a restoration wave above the $114,000 resistance degree.
The worth is buying and selling beneath $115,000 and the 100 hourly Easy transferring common.
There’s a bearish development line forming with resistance at $119,250 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
The pair may proceed to maneuver down if it trades beneath the $112,500 zone.

Bitcoin Worth Faces Hurdles

Bitcoin worth began a restoration wave above the $110,000 pivot degree. BTC recovered above the $112,500 and $113,200 resistance ranges.

The worth climbed above the 50% Fib retracement degree of the primary drop from the $123,750 swing excessive to the $100,000 low. The bulls even pushed the worth above the $114,000 resistance degree. Nevertheless, there are numerous hurdles on the upside.

Bitcoin is now buying and selling beneath $116,000 and the 100 hourly Easy transferring common. Moreover, there’s a bearish development line forming with resistance at $119,250 on the hourly chart of the BTC/USD pair.

Instant resistance on the upside is close to the $115,000 degree. The primary key resistance is close to the $116,000 degree. The subsequent resistance may very well be $118,150 and the 76.4% Fib retracement degree of the primary drop from the $123,750 swing excessive to the $100,000 low.

An in depth above the $118,150 resistance may ship the worth additional increased. Within the acknowledged case, the worth might rise and check the $119,250 resistance and the development line. Any extra positive aspects may ship the worth towards the $120,000 degree. The subsequent barrier for the bulls may very well be $122,500.

One other Drop In BTC?

If Bitcoin fails to rise above the $115,000 resistance zone, it might begin a contemporary decline. Instant help is close to the $113,600 degree. The primary main help is close to the $112,500 degree.

The subsequent help is now close to the $111,200 zone. Any extra losses may ship the worth towards the $110,500 help within the close to time period. The principle help sits at $110,000, beneath which BTC may battle to recuperate within the quick time period.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bearish zone.

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now beneath the 50 degree.

Main Assist Ranges – $113,500, adopted by $112,500.

Main Resistance Ranges – $115,000 and $116,000.