In these turbulent times, Bitcoin‘s price clings steadfastly to the paltry support of $117,250, like a weary traveler grasping at the final dry twig after a merciless journey through a barren landscape. BTC, in its seemingly endless consolidation, appears more hesitant than a cat at a dog show, contemplating whether it dares breach the formidable $118,600 resistance, where bullish aspirations await like a mirage in the desert.
- Once upon a time, Bitcoin seemed positioned for glory near $120,000, but alas, it began a downward correction that left dreams in tatters.
- Currently, it finds itself languishing below $118,500, shackled by the weight of the 100-hour Simple moving average—a veritable ball and chain in the trading arena.
- A shadow looms in the form of a bearish trend line, ruthless in its resistance at $118,600, whispering doom to the eager hopes of traders gazing at the hourly chart of the BTC/USD pair (data feed from Kraken).
- Yet, hope persists, for should the price muster its strength to break through the $118,600 resistance, a resurgence could be at hand. Or so the dreamers say.
Holding on by a Thread Above Support
With a flicker of defiance, Bitcoin has clawed its way above the $118,000 threshold, its ascent reminiscent of an overcooked soufflé trying to regain stature. The bulls, in a rare act of benevolence, push the price past $118,500 and $118,800, ushering in a fleeting moment of positivity.
But joy is ephemeral—a high of $119,796 was reached, only to watch as a correction ensued, as if the universe conspired to remind us of life’s cruel twists. The 23.6% Fib retracement draws its lines, dissecting the once-celebrated ascent from $114,733 to the elusive new height.
As Bitcoin wanes below $118,500 and the 100-hour Simple moving average, it faces immediate resistance around this very forsaken level. The bearish trend line, like a vulture circling above, remains ever vigilant at $118,600 in the hourly chart of the BTC/USD pair.
Key resistance is plotted at $119,250, followed closely by the mythical realm of $119,800. Should fortune grin upon our dear BTC, a close above $119,800 may invite the price on an audacious journey toward $120,500. And if the stars align, we might glimpse a daring $122,500—an achievement reverberating in the annals of crypto history.
A Creeping Downward Spiral for BTC?
Yet, should Bitcoin falter in its bid to ascend above $118,600, a descent looms ominously on the horizon. Immediate support whispers comfort at $117,250 or the half-hearted 50% Fib retracement level from the heart-wrenching low of $114,733 to the bright high of $119,796. The first line of real defense lies at $116,650, a somber sentinel.
Additional support lurks near the echoing battleground of $115,950. If losses escalate, one can almost hear the howls of despair as the price inches closer to $114,500. Beyond that threshold, the dismal main support sits at $113,500, ready to embrace BTC in its descent.
Technical indicators echo this uncertainty:
Hourly MACD – A retreating MACD, losing steam in its bullish escapade—how tragic!
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD stands forlornly below the 50 level.
Major Support Levels – A fragile fortress at $117,250, followed by the bastion at $116,650.
Major Resistance Levels – Towers of challenge at $118,600 and $119,800 await the brave.
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2025-07-30 05:48