Bitcoin, the great wanderer, has paused its relentless march from the lofty heights of $123,200. Now, it lingers below $120,000, perhaps gathering strength for its next grand leap or preparing to fall into a deeper slumber.
- Our hero, Bitcoin, began its retreat from the new all-time high, a mere whisper away from $123,200.
- It now trades below $119,500, a shadow of its former self, and the 100 hourly Simple Moving Average.
- A rising channel, a fragile cradle, forms with support at $118,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- Should it break free from the $120,000 resistance, a new chapter of ascent may begin.
Bitcoin Finds a Temporary Resting Place
Bitcoin, the ever-restless, began its descent from the new all-time high at $123,200. It dipped below the $122,000 and $120,000 support levels, entering a short-term bearish zone, a place where dreams of higher glory are met with the cold reality of the market.
The price, like a tired traveler, found solace below the 23.6% Fib retracement level of the upward move from the $108,636 swing low to the $123,140 high. Yet, the bulls, ever vigilant, stood guard, preventing a deeper fall below $118,000.
The price, now below $119,500 and the 100 hourly Simple Moving Average, seems to be in a state of limbo, a place where the future is as uncertain as the next breath.
A rising channel, a path of least resistance, forms with support at $118,200 on the hourly chart of the BTC/USD pair. Immediate resistance on the upside is near the $119,200 level. The first key resistance is near the $119,500 level, and the next, a formidable barrier, is at $120,000.
A successful breach above the $120,000 resistance might awaken the sleeping giant, sending it higher to test the $121,200 resistance level. Any further gains might propel the price toward the $122,000 level, with the ultimate goal of reclaiming the $123,200 peak.
Will Bitcoin Continue to Fall?
If Bitcoin fails to rise above the $120,000 resistance zone, it might continue its descent, a journey into the unknown. Immediate support is near the $118,200 level and the channel. The first major support is near the $116,500 level, a place where the bulls might rally once more.
The next support is now near the $115,500 zone. Any further losses might send the price toward the $113,500 support in the near term. The main support sits at $110,500, a line in the sand that, if crossed, might signal a deeper decline.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone, a sign of weakening momentum.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level, indicating a market that is leaning towards the bears.
Major Support Levels – $118,200, followed by $115,500.
Major Resistance Levels – $120,000 and $122,000.
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2025-07-17 06:16