Bitcoin Price Dips Again – Could This Spark Panic Selling Across Crypto Market?

Bitcoin price extended losses after it traded below $115,000. BTC is now moving lower and might even test the $110,500 support ￰0￱ started a fresh decline below the $115,000 ￰1￱ price is trading below $114,500 and the 100 hourly Simple moving ￰2￱ is a bearish trend line forming with resistance at $114,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might start another increase if it clears the $115,000 ￰3￱ Price Dips Further Bitcoin price failed to stay the $116,500 zone and started a fresh ￰4￱ declined below the $115,500 and $115,000 support levels to enter a short-term bearish ￰5￱ decline gained pace below the $114,000 level.

A low was formed at $112,050 and the price is now consolidating losses below the 23.6% Fib retracement level of the recent decline from the $117,920 swing high to the $112,050 ￰6￱ is now trading below $113,500 and the 100 hourly Simple moving average . Besides, there is a bearish trend line forming with resistance at $114,000 on the hourly chart of the BTC/USD ￰7￱ resistance on the upside is near the $113,450 ￰8￱ first key resistance is near the $114,000 level and the trend ￰9￱ next resistance could be $115,000 or the 50% Fib retracement level of the recent decline from the $117,920 swing high to the $112,050 low. A close above the $115,000 resistance might send the price further ￰10￱ the stated case, the price could rise and test the $116,500 resistance ￰11￱ more gains might send the price toward the $116,800 ￰12￱ next barrier for the bulls could be $117,250.

More Losses In BTC? If Bitcoin fails to rise above the $114,000 resistance zone, it could start a fresh ￰13￱ support is near the $112,000 ￰14￱ first major support is near the $111,250 ￰15￱ next support is now near the $110,500 ￰16￱ more losses might send the price toward the $108,800 support in the near ￰17￱ main support sits at $107,500, below which BTC might gain bearish ￰18￱ indicators: Hourly MACD – The MACD is now gaining pace in the bearish ￰19￱ RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 ￰20￱ Support Levels – $112,000, followed by $111,250. Major Resistance Levels – $114,000 and $115,000.