⚠️◀️Bitcoin tests support at $112,000 after a whale sold🔻 Bitcoin for long-term Ethereum for $577 million📊📉
⚪Bitcoin's (BTC) price has been in a medium-term correction since it reached an all-time high of around $124,400 last week🔺. The price is testing the critical support area at $112,000🔺, a level considered by analysts as a crucial threshold in the current bull market.✔️📊
⚪On the daily chart,🔺 a potential double top formation, coupled with a bearish divergence in the Relative Strength Index (RSI)🔺, indicates that sellers are in control📊, as resistance at $120,000 proves to be a strong barrier.🔻 But the question on every simple trader's mind🟰: Why is Bitcoin struggling?✔️📊
⚪From a different perspective🔺, the Bitcoin/USD (BTC/USD) pair may form a horizontal consolidation🔻, ranging between $112,108 and $123,500🔺. This horizontal consolidation will be invalidated if Bitcoin's price consistently closes below or above the upper limit in the coming days.✔️📊
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