Is Bitcoin’s Love Affair with $116,200 Over? 🤔💔

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Oh, Bitcoin, you’re giving me whiplash! 💢 Struggling to get back up above the $116,200 mark, BTC is now consolidating and might just take another tumble below the $112,500 zone. Who knew digital love could be so volatile? 😂

  • Bitcoin, my dear, has started a fresh decline from the $115,500 zone. It’s like the party’s over before it even got started.
  • The price is currently sulking below $114,000 and the 100 hourly Simple Moving Average. Poor thing, it can’t catch a break!
  • A bearish trend line is forming with resistance at $114,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). It’s like the universe is conspiring against a Bitcoin comeback.
  • But wait, there’s hope! If BTC can clear the $115,500 resistance zone, it might just start another increase. Fingers crossed and all that jazz! 🤞

Bitcoin price found a tiny bit of support near the $112,000 zone and tried its best to start a recovery wave. It managed to climb above the $113,200 and $114,000 resistance levels, but let’s face it, it’s been a rocky ride.

The price climbed above the 23.6% Fib retracement level of the downward move from the $118,918 swing high to the $112,000 low. However, the bears were having none of it near the $115,500 resistance, and the price just couldn’t muster the strength to keep climbing. It’s like trying to run uphill in quicksand!

The 50% Fib retracement level of the downward move from the $118,918 swing high to the $112,000 low acted as a solid resistance. Now, Bitcoin is trading below $114,000 and the 100 hourly Simple Moving Average. There’s also a bearish trend line forming with resistance at $114,400 on the hourly chart of the BTC/USD pair. Talk about a tough crowd!

Immediate resistance on the upside is near the $114,000 level. The first key resistance is near the $115,000 level. The next resistance could be $115,500. A close above the $115,500 resistance might send the price further higher. In that case, the price could rise and test the $116,500 resistance level. Any more gains might send the price toward the $118,000 level. The main target could be $120,000. But let’s not get ahead of ourselves, shall we? 🙃

Another Decline In BTC?

If Bitcoin fails to rise above the $115,000 resistance zone, it could start another decline. Immediate support is near the $113,200 level. The first major support is near the $112,500 level. It’s like a game of hot potato-no one wants to hold onto it when it’s falling!

The next support is now near the $112,000 zone. Any more losses might send the price toward the $110,500 support in the near term. The main support sits at $108,500, below which BTC might continue to move down. It’s a rollercoaster, folks, and I’m not sure if I have the stomach for it! 🎢

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone. Looks like the bears are having a field day! 🐻🎉

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Not exactly a vote of confidence, is it?

Major Support Levels – $112,600, followed by $112,000. Let’s hope it finds a comfy spot somewhere in there.

Major Resistance Levels – $115,000 and $115,500. The hurdles just keep getting higher!

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2025-08-06 05:48