When Bitcoin's waters go down, they really go down! 👀 These days, the price of the most famous cryptocurrency is losing strength, and those betting on the decline (the "bears") are taking control of the game.
Bitcoin has entered a significant decline, dropping from $116,500. It is now struggling to stay above $112,000. If it fails to overcome that barrier, we could see an even bigger drop. 😱
To be clear, there are two sides in this cryptocurrency ring:
The "bulls" (bullish): Those who want the price to go up.
The "bears" (bearish): Those who are betting that the price will fall.
At this moment, the bears are winning the fight. The price dropped from $118,000 and broke several important support barriers, like the one at $115,500. It's like a football team losing its best defenders one after the other. 😫
What is expected now?
If Bitcoin does not recover: If it fails to surpass the resistance of $115,000, the price could continue to fall. The next support level (where it might slow down a bit) is at $112,500, and if it doesn't hold, it could go down to $110,500 or even $110,000. That’s when things get serious! 😱
If it manages to rise: For things to improve, Bitcoin needs to get above $115,500. If it succeeds, we could see it rise to $118,500 and even reach $120,000. But be careful, the resistance is strong and the road is steep. 🧗♂️
In summary, the near future of Bitcoin is at a crossroads. Technical indicators, such as the MACD and RSI, are indicating that the trend is downward. So, for those holding crypto, it’s best to keep your eyes wide open.
Is this just a temporary dip or the beginning of a crypto winter? Only time will tell. 🕰️$BTC
