🧨 Major Breakdown Looms? Bitcoin Bulls Face Critical Test ⚠️

📉 Bitcoin's price is struggling, falling below $120,000 and showing signs of further decline. The price is currently below $118,000 and has also fallen beneath the 100-hour Simple Moving Average (SMA). BTC broke through a key support zone around $116,200, and if the $118,500 resistance is breached, there could be a chance for recovery. 🛑

⚡ Bitcoin hit an all-time high near $124,000 before dropping into bearish territory, now consolidating below the 23.6% Fibonacci retracement level. The price tested the $115,800 mark and is currently under pressure. The immediate barrier lies near $116,850, with stronger resistance levels at $118,000 and $118,500. If BTC closes above $118,500, it could rally toward $119,200 and possibly break the $120,000 mark. 🚀

🔻 If Bitcoin fails to reclaim the $118,000 zone, a further drop is likely. Immediate support lies at $115,800, with the first major support near $115,000. A decline toward $113,500 could follow, and losses might extend to $112,500. If BTC slips below $110,000, this would signal a serious downturn. ⚠️

📊 The technical indicators show a weakening trend, with the MACD in negative territory and the Relative Strength Index (RSI) below 50, confirming bearish momentum. BTC faces critical support at $115,800 and $115,000, while the resistance levels to watch are at $118,000 and $118,500. 🔍

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