#BTCOvertakesAmazon The Tension Rises as Bitcoin Remains Below $120K

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

Bitcoin started a decline below $121,200.

The price is above $118,000 and the 100-hour SMA.

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

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

The Price of Bitcoin Maintains Support

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

The price fell below $120,500. The price fell below the 50% Fibonacci retracement level from the swing low of $116,282 to the high of $122,272. Finally, the price challenged the simple moving average of 100 hours below $118,500.

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

Near $120,000 there is immediate resistance upwards. The first significant resistance is at $120,250. The next obstacle may be $120,850. A close above the resistance of $120,850 could drive prices up. The price may increase towards the resistance of $122,250. Further increases could push the price beyond $124,000. The target may be $125,000.

More BTC losses?

Bitcoin may fall again if it fails to break $120,500. Support is close to $118,600, the 61.8% Fibonacci retracement level of the rise from the swing low of $116,282 to the high of $122,272. Around $117,800 is the first major support.

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

Technical indicators

Hourly MACD | The MACD is falling in the positive zone.

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