🔥 Tension Builds as Bitcoin Hovers Below $120K

Bitcoin is reversing gains below $121,200. BTC is stabilizing and may break $120,500 barrier.

Bitcoin began a decline below $121,200.
The price is over $118,000 and the 100-hour SMA.

The hourly BTC/USD chart shows a bullish trend line with support around $118,600.

If it breaks $120,250, the pair may rise again.

Bitcoin Price Holds Support

Bitcoin price corrected after failing to break $122,250. BTC retreated below $121,200.

Price fell below $120,500. The price fell below the 50% Fib retracement line of the $116,282 swing low to $122,272 high upward advance. Finally, the price challenged the 100 hourly Simple moving average below $118,500.

Bitcoin is over $118,000 and the 100-hour SMA. On the hourly BTC/USD chart, a positive trend line with support around $118,600 is formed.

Near $120,000 is immediate upward resistance. First major resistance is at $120,250. The next hurdle may be $120,850. A closing above $120,850 resistance might boost prices. The price may surge to $122,250 resistance. More increases might push the price beyond $124,000. The goal may be $125,000.

More BTC losses?
Bitcoin may fall again if it fails to break $120,500. Support is approaching $118,600, the 61.8% Fib retracement line of the rise from $116,282 swing low to $122,272 high. Near $117,800 is the first big support.

Around $116,550 is the next support. More losses might push the price toward $115,500. BTC may continue to fall below $113,500, the primary support.

The technical indications

Hourly MACD | MACD is falling in the positive zone.

Relative Strength Index hourly BTC/USD RSI is below 50.

Major Support Levels: $118,600, $117,800.

Key Resistance Levels: $120,250, $120,850.

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