Bitcoin Pauses Below Key Levels – Can It Regain Momentum For A Rally?

Bitcoin price corrected gains and traded below the $125,000 pivot ￰0￱ is now consolidating near $122,200 and might struggle to rally above $125,000s. Bitcoin started a downside correction below the $124,000 ￰1￱ price is trading below $123,500 and the 100 hourly Simple moving ￰2￱ is a bullish trend line forming with support at $122,200 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 $122,000 ￰3￱ Price Dips Again Bitcoin price extended gains above the $125,000 ￰4￱ climbed above the $125,250 and $125,500 resistance levels before the bears appeared. A new high was formed at $126,198 before there was a ￰5￱ price dipped below the $123,000 support zone and tested the $120,500 region.

A low as formed at $120,694 and the price recently recovered above the 50% Fib retracement level of the recent decline from the $126,191 swing high to the $120,694 low. However, the bears are still active near $124,000. Bitcoin is now trading below $123,500 and the 100 hourly Simple moving average. Besides, there is a bullish trend line forming with support at $122,200 on the hourly chart of the BTC/USD ￰6￱ resistance on the upside is near the $123,450 ￰7￱ first key resistance is near the $124,000 level and the 61.8% Fib retracement level of the recent decline from the $126,191 swing high to the $120,694 ￰8￱ next resistance could be $124,850.

A close above the $124,850 resistance might send the price further ￰9￱ the stated case, the price could rise and test the $125,500 ￰10￱ more gains might send the price toward the $126,000 ￰11￱ next barrier for the bulls could be $126,200. More Losses In BTC? If Bitcoin fails to rise above the $124,000 resistance zone, it could start a fresh ￰12￱ support is near the $122,000 ￰13￱ first major support is near the $121,200 ￰14￱ next support is now near the $120,500 ￰15￱ more losses might send the price toward the $118,500 support in the near ￰16￱ main support sits at $116,800, below which BTC might struggle to recover in the short ￰17￱ indicators: Hourly MACD – The MACD is now losing pace in the bullish ￰18￱ RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 ￰19￱ Support Levels – $122,000, followed by $121,200.

Major Resistance Levels – $124,00 and $124,850.