Bitcoin Price Don Drop Below $118K, E Dey Test Key $115K Support
Bitcoin price drop still dey continue after e nearly reach $124,000. E fall comot from $120,000 plus 100-hour SMA, break one important channel wey get support for $116,200. The pair test $115,800 and now e dey trade under $118,000. Immediate resistance Dey for $116,850, followed by $118,000 and $118,500. If e break above $118,500 clearly, e fit push Bitcoin price go $119,200, $120,000, or $121,500 side. For down side, support dey for $115,800, $115,000, then $113,500 and $112,500, major support na $110,000. Technical indicator dey show bearish MACD and RSI under 50. Traders suppose dey watch these important support and resistance areas to sabi how market fit move.
Bearish
Bitcoin price dey fall below key support level dem and di 100-hour SMA show say people dey still dey sell. Di recent break of di $116,200 channel and di test for $115,800 show say bearish momentum dey confirmed by negative MACD and RSI wey dey under 50. For history, when e be like dis after all-time high, e usually lead to short-term consolidation or more fall till major support hold. For short term, traders fit see more downside go $115,000 and $113,500 if resistance for $118,000 still hold. Long-term recovery go depend on if e fit reclaim these resistance zones and better market catalysts. Overall, di technical setup dey show say market sentiment na bearish.