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

Bitcoin price corrected losses and traded above the $114,200 ￰0￱ is now struggling and might face hurdles near the $116,000 ￰1￱ started a recovery wave above the $114,000 resistance ￰2￱ price is trading below $115,000 and the 100 hourly Simple moving ￰3￱ is a bearish trend line forming with resistance at $119,250 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might continue to move down if it trades below the $112,500 ￰4￱ Price Faces Hurdles Bitcoin price started a recovery wave above the $110,000 pivot ￰5￱ recovered above the $112,500 and $113,200 resistance ￰6￱ price climbed above the 50% Fib retracement level of the main drop from the $123,750 swing high to the $100,000 ￰7￱ bulls even pushed the price above the $114,000 resistance level.

However, there are many hurdles on the ￰8￱ is now trading below $116,000 and the 100 hourly Simple moving average . Besides, there is a bearish trend line forming with resistance at $119,250 on the hourly chart of the BTC/USD ￰9￱ resistance on the upside is near the $115,000 ￰10￱ first key resistance is near the $116,000 ￰11￱ next resistance could be $118,150 and the 76.4% Fib retracement level of the main drop from the $123,750 swing high to the $100,000 low. A close above the $118,150 resistance might send the price further ￰12￱ the stated case, the price could rise and test the $119,250 resistance and the trend ￰13￱ more gains might send the price toward the $120,000 ￰14￱ next barrier for the bulls could be $122,500.

Another Drop In BTC? If Bitcoin fails to rise above the $115,000 resistance zone, it could start a fresh ￰15￱ support is near the $113,600 ￰16￱ first major support is near the $112,500 ￰17￱ next support is now near the $111,200 ￰18￱ more losses might send the price toward the $110,500 support in the near ￰19￱ main support sits at $110,000, below which BTC might struggle to recover in the short ￰20￱ indicators: Hourly MACD – The MACD is now gaining pace in the bearish ￰21￱ RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 ￰22￱ Support Levels – $113,500, followed by $112,500. Major Resistance Levels – $115,000 and $116,000.