Hold your breath, buddy! Bitcoin ($BTC) just corrected from a strong drop, surpassing $114,200, but the bullish party feels like a tango about to end! 🚨 Watch me closely, as I’m going to break down whether your favorite crypto will continue to rise or if another plunge awaits us.

Here, among friends, let me share the drama: the price of Bitcoin managed an impressive recovery wave, rising from the floor of $100,000 to break through the resistance of $114,000. That’s strength! 💪 It even surpassed the 50% Fibonacci retracement level of that big drop we had from $123,750. But, like in any good novel, problems are just around the corner.

Right now, BTC is struggling to hold on. It is trading below $116,000 and, pay attention to the technical data, it is also below the 100-hour moving average. That’s already a sign that sellers (the "bears" 🐻) are taking control. Moreover, a downward trendline is forming on the chart with a very stubborn resistance at $119,250.

What does this mean in plain English?

  1. The Wall to Break: If the bulls (the "bullish" 🐂) want to keep the party going, they need to break through the barrier of $116,000. If they manage to close above $118,150, then we can dream of reaching $120,000. That would be a deep breath. 😮‍💨

  2. The Precipice: But if BTC doesn't hold the level of $115,000... hold on! The risk is that it falls and the first real support is at $112,500. If we lose that level, panic could take us straight to $110,500 or, in the worst-case scenario, back to test the main support of $110,000. The MACD (a momentum indicator) is already gaining strength in the falling zone, and the RSI (another key indicator) is below 50. In translation: the momentum is bearish. 📉

The situation is at a crucial point. Bitcoin is dancing on the edge of a knife: either it regains the bullish momentum it had, or we’re going to see a deeper correction.

The million-dollar question is: Is this set up for another drop if it can't convincingly surpass $115,000? Put on your armor because the next few days are going to be a rollercoaster of emotions. You need to stay glued to the screen. 👀$BTC