Bitcoin Under Pressure: Bulls Defend Key Support
The bears are testing Bitcoin's resilience. BTC is currently struggling to find its footing after failing to break a crucial resistance level, a move that aligns with recent negative sentiment from institutional ETF outflows.
Current Market Snapshot:
Price Action: Bitcoin is currently trading around $114,800, after a brief slip below $114,000. It's caught in a narrow range, consolidating below key resistance, with the 100-hour SMA serving as a significant point of contention.
Failed Breakout: The attempted recovery from the $112,000 support was met with strong resistance at $115,500. This rejection, combined with a negative MACD and an RSI below 50, suggests that bearish momentum is currently in control.
The Next Move: The battle is now centered on the immediate support zone around $113,200 to $112,600. A successful defense here could lead to another attempt at $115,500. However, a sustained break below $112,500 would be a bearish signal, potentially triggering a deeper correction toward $110,000 or even the primary support at $108,500.
Why the Pressure?
Recent data shows continued outflows from US spot Bitcoin ETFs, reflecting institutional caution and profit-taking. This, combined with uncertain macroeconomic data, is creating a risk-off environment that is testing the market's strength.
The consolidation phase is critical. A breakout above $115,500 is the first step toward reviving bullish sentiment and targeting $118,000, while a slip below $112,000 could signal a more prolonged correction. Watch this space closely.
#BTC #BitcoinAnalysis #CryptoCorrection #TradingView
let's DYOR always
