Bitcoin price is currently performing a dramatic waltz below $118,000, teetering on the edge of a potential nosedive if it plummets past $116,200. A minor miracle of resistance—or a catastrophic collapse?
- Bitcoin plummeted like a startled penguin after failing to breach the mythical $120,000 threshold. Cue the ominous bassline.
- It’s now floundering below $118,000 and the 100-hourly SMA, which is basically the financial equivalent of a “You’re doing fine” pat on the back.
- A cosmic bearish trend line is forming at $118,000, plotting its revenge on the hourly BTC/USD chart (data from Kraken, who else?).
- If BTC somehow defies gravity and cracks $120,000, it might ascend to the stratosphere of $122,000. Or trigger a singularity. No one’s sure.
Bitcoin’s recent dip was less a correction and more a dramatic reading of Shakespeare’s “To Fall or Not to Fall.” After a failed $120,000 assault, it tested the $116,200 zone like a nervous investor eyeing a casino roulette wheel. A low of $116,260 later, it’s now limping toward $117,000, clinging to the 50% Fib level with the desperation of a man who just remembered he forgot to pay his taxes.
The price remains trapped under $118,500 and the 100-hourly SMA, while the $118,000 resistance zone looms like a poorly written cliffhanger. Meanwhile, a bearish trend line is plotting a hostile takeover on the hourly chart. If BTC ever learns to hold its breath, it might actually reach $118,400—right next to the 61.8% Fib level. But let’s not get ahead of ourselves; the universe is not a fan of optimism.
Should BTC finally conquer $119,150, it might spiral upward toward $120,500 and beyond, like a caffeinated squirrel on a rocket. But if it falters, the descent could be brutal. Support zones at $116,200 and $115,500 await like grim reapers with calculators. The $112,500 level? A vacation destination for the desperate. And $111,200? That’s just the universe’s way of saying, “Here, have a nap.”
Technical Indicators: Because Even Markets Need Therapy
Hourly MACD – Currently sipping tea in the bearish zone, contemplating existential dread.
Hourly RSI – Now below 50, sulking like a teenager who forgot their phone at home.
Major Support Levels – $116,200 (a fragile hope), followed by $115,500 (the last gasp of sanity).
Major Resistance Levels – $118,000 (the wall of shame) and $120,500 (the promised land… or a trap?).
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2025-07-22 06:24