Bitcoin continues its struggle for recovery after a sharp drop to 114.7K. Despite a small rebound, the market remains under pressure.
Resistance at 117K
Bitcoin is trying to recover from a sharp sell-off that pushed prices down to 114.7K. Currently, the price hovers around 116.5K.
It is important to note that the 117K level presents a significant barrier for further growth.
On the 15-minute Binance BTC/USDT chart, the resistance area is visible in the range from 116.8K to 117K, where heavy sell pressure is observed each time Bitcoin attempts to rise above.
Support Levels to Watch
On the downside, support begins around 116K, coinciding with bid shelves and dense long liquidation levels. If this level fails, Bitcoin could retreat to 115K or even 114K, which has shown resilience lately.
At this moment, the market is in a waiting state, needing a clear breakout above 117.2K or a breakdown below 116K.
Conclusion
Bitcoin continues to face challenges at the resistance level. Given the current dynamic and significant support levels, the market remains in a state of waiting and observation.
In a climate of uncertainty and persistent selling pressure, Bitcoin may continue to face challenges in solidifying its position at 116K and 117K.
