🧨 Major Breakdown Ahead? Bitcoin Bulls on the Edge

Bitcoin is facing intense pressure, trading below $120,000 and showing multiple bearish signs. The possibility of a deeper decline is rising as bulls fight to maintain key levels.

Current Market Structure

BTC slipped from its $124,000 ATH, falling under $120,000.

Price is now below $118,000 and the 100-hour SMA.

A critical breakdown happened after losing support at $116,200, testing lows near $115,800.

Consolidation continues below the 23.6% Fib retracement ($124,420 → $115,800).

Resistance Levels

Immediate hurdle: $116,850

First major resistance: $118,000

A break and close above $118,500 could push toward $119,200–$121,500

Support Levels

Near-term support: $115,800

Strong base: $115,000

Deeper supports: $113,500 and $112,500

Falling below these zones risks a drop toward $110,000

Technical Indicators

Hourly MACD: Strengthening in bearish territory

Hourly RSI: Below 50, signaling weak momentum

📉 If Bitcoin can’t reclaim $118,500, further downside toward $115,000 and below remains likely. Bulls must defend these zones or face a sharper correction.