$BTC After a sharp decline from the peak of 123,300 to the bottom of 115,678 (on the 4-hour chart), there has been a relatively stable bounce, indicating that bottom-fishing momentum is gradually emerging again. On the 4-hour chart, the current price is around 118,480 – a relatively important area as it lies above the MA7 and MA25, while still holding above the MA99, meaning the medium-term trend remains positive. Although the MACD has not officially reversed, the histogram is gradually narrowing, signaling that selling pressure is weakening. The RSI(6) has also recovered to a neutral level after previously falling into the oversold zone, indicating that market sentiment is beginning to balance out.
Looking more closely at the 1-hour chart, BTC has just gone through a relatively clear recovery phase. The price is currently fluctuating near the MA lines, specifically around the MA7 and MA99, indicating market indecision. However, the MACD has crossed above the Signal line and the RSI(24) remains above 50, an early signal indicating that buying power is returning to the market. The important support zone is currently around 117,700–118,000, while short-term resistance will focus on the 118,650–119,000 area, coinciding with the old peak and the MA25 line of the 4-hour chart.
On the 15-minute chart, BTC is experiencing a short correction, but notably, the RSI(6) just fell into the oversold zone and then bounced back up, and the MACD histogram also started to narrow the red bars. This may signal that a short bounce is about to return.
🎯 In summary, BTC is currently in a re-accumulation phase after a deep correction. If it can hold above the 118,000 zone and break through the 118,650 barrier, there is a high possibility of a rebound to the 120,000–120,500 range. Conversely, if it fails to maintain 118,000, we will need to observe the nearest support around 117,700.
👉 What do you think? Will BTC continue to recover and break resistance, or is there another deep correction ahead?
Support for the bull: BTC holds above 118,000, breaks up to 120k?
According to the bear: The price cannot hold, returning to 117,700?
Please comment your views below! 👇