Bitcoin (BTC) Reaches $116,000: Is a Pullback Looming?

Bitcoin (BTC) hit the $115,700 horizontal resistance level early on Friday, plus it touched the top of an ascending ￰0￱ price has rejected from these barriers, and given that short-term momentum has topped out, is this an ideal point to start the next downward price impulse? Bitcoin shrugs off slightly negative inflation and jobs release figures After a better than forecast PPI release on Wednesday, the CPI release on Thursday was not favourite for a repeat performance, and the resulting slightly worse than expected figure proved ￰1￱ Thursday’s more gloomy picture was a rise in unemployment claims from the 235K that was forecast, to the actual release figure of 263K.

Nevertheless, both the US stock market and Bitcoin shrugged off these negatives with gusto, with the market no doubt mindful of the upcoming rate cut next ￰2￱ S&P 500 finished up 0.85%, while Bitcoin rose 1.35%. $BTC perfectly respects ascending channel) is still on its way down, and may eventually come down to the rising 100-day SMA (green line). Although given that the $BTC price is still in an uptrend, perhaps this may only be for a potential shallow dip of the 50-day below the ￰3￱ daily Stochastic RSI indicators have reached the top of their limit and so a cross back down is likely to ￰4￱ said, these indicators could bounce around for an extended period like they did in June/July, and therefore may not signal faltering upside price momentum ￰5￱ RSI, at the bottom of the chart, reveals that the indicator is starting to angle back down, even before reaching the downtrend ￰6￱ far down could $BTC go?