Bitcoin Price Dips Below $118K, Could Test $112K Support
Bitcoin price dropped below the $118,000 mark, signalling renewed bearish momentum. BTC/USD slipped under the 100-hour simple moving average and the $116,500 support zone, forming a low at $114,715. Immediate support levels are $115,000, $114,750 and $113,500, with a key floor at $112,000 and major support at $110,000. On the upside, Bitcoin price faces resistance at $117,000, $118,000 and $118,500. Clearing $118,500 could push BTC toward $119,500 (the 50% Fib retracement of the recent decline), then $120,000 and $121,500. Technical indicators remain bearish: the hourly MACD is in negative territory and the RSI sits below 50. Traders should watch the $118,000 trend line closely. A failure to reclaim this level may lead to further declines, while a breakout above $118,500 could reignite bullish momentum.
Bearish
The news points to continued downside pressure on Bitcoin price as it trades below key moving averages and support zones. Hourly MACD momentum is negative and RSI has dropped under 50, indicating further bearish risk. The failure to reclaim the $118,000 trend line and 100-hour SMA suggests sellers remain in control. Historical patterns show that breaks below major support often trigger extended corrections toward lower floors, in this case $112,000 and potentially $110,000. While a rebound above $118,500 could shift sentiment, the immediate outlook is bearish as traders await confirmation of a bottom.