Overview
Bitcoin bulls are currently facing difficulties in establishing a support level around $113,000. The price recovery has been underwhelming, constrained below $114,000, and trading volumes remain considerably low compared to recent fluctuations.
BTC’s unimpressive bounce.
Key Points
- Bitcoin bulls are fighting to create a low in the vicinity of $113,000, with a lack of solid price and volume performance.
- The bearish sentiment is reflected by descending moving averages and a breach below the previous rising trendline’s support.
Market Trends
The current conditions indicate an ongoing bearish trend for Bitcoin, given that the 50, 100, and 200-hour simple moving averages (SMAs) are trending downwards. Recent data has shown a significant break of key trendline support, indicating a shift in momentum.
BTC’s hourly chart.
Market Analysis
The bearish outlook can be substantiated by various technical indicators, with increasing negative momentum reflected on both short and long-term moving averages combined with a MACD histogram signaling further declines. If support levels of $11,982 and $11,053 fail, attention will shift to a significant 200-day SMA at $100,484.
- Resistance Levels: $116,033, $120,000, and $122,056.
- Support Levels: $111,982, $110,053, and $100,484.
For continued analysis, keeping an eye on upcoming market conditions will be crucial as Bitcoin’s trajectory unfolds.
