Bitcoin is at $115,240, down over 2.50% in the last 24 hours as the global crypto market cap dips below $4 trillion. With a live market cap of $2.29 trillion, BTC is still the number one cryptocurrency, with a circulating supply of 19.9 million out of 21 million.
Despite being the big dog, recent price action has Bitcoin at a crossroads, and traders are waiting for technicals to give the next move.
Bitcoin (BTC/USD) Technical Outlook Turns Bearish
On the charts, Bitcoin has broken out of the rising channel and is consolidating at $115,480. Unable to reclaim the 50 SMA at $117,695 shows weakening momentum. Candlestick patterns are showing hesitation with a cluster of spinning tops at the $116,000 support zone.
This level has become a key battleground: a strong defense could steady prices, but repeated failures could lead to more downside.
Momentum is bearish. RSI at 32 is near oversold and could bounce short-term, but also hints at more selling. MACD is still negative and widening; bears are in control.
Price projections from chart patterns, including a head-and-shoulders breakdown, point to more downside if Bitcoin closes below $115,000.
Targets are $114,650 and $112,000, levels that were previously support.
Scenarios and Trading Setup
For traders, the near term is cautious. A close below $115,000 could be a short entry with a stop above $117,000 and a target $114,650-$112,000. Above $119,400 would negate the bearish setup and open the way to $122,250. Sustained buying could even take Bitcoin to $130,000, aligning with longer-term bullish cycles.
- Support: $116,000 / $114,650 / $112,000
- Resistance: $117,695 / $119,400 / $122,250
- RSI: 32 (oversold)
- MACD: Bearish crossover
Short-term traders are getting volatility, long-term investors see this as a healthy correction in the bigger picture of Bitcoin’s bull run. With supply capped at 21 million coins and market sentiment driven by institutional inflows and retail demand, each correction is laying the groundwork for the next big move.
As Bitcoin consolidates at $115K, the next few days will decide if sellers will continue to be in control or if buyers will take back momentum to six-figure targets. For presale investors, this correction is not a setback but an opportunity to position for the next big move.
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