Bitcoin's price hovers around $117K following a period of notable volatility, with resistance at $118K complicating upward movement.
Current Fluctuations in Bitcoin Price
The Bitcoin (BTC/USD) price is nearing $117,467 after significant trading activity. Recent data shows a trading range between $114,200 to $118,500, indicating a dynamic market. Following a robust rally earlier this month, the market continues to experience a correction phase, with price attempting to remain above $116,500.
Technical Indicators and Support Levels
The 4-hour chart indicators are providing mixed signals. Bollinger Bands indicate increased volatility as the price approaches the middle band after a sharp drop. Resistance levels are at $117,689 and $118,094, while support levels remain at $116,100 and $115,400. A price drop below these levels could lead to declines toward $114,200 and possibly down to $112,000.
Market Sentiment and Expectations for Bitcoin
Recent trading sessions show increased selling pressure, evidenced by the rise in red volume bars during the price drop from $118,500. Analysts note the necessity of regaining bullish momentum by returning to the $118,000 level. Conversely, failing to hold around the $116,000 resistance could amplify the risk of further declines.
Currently, Bitcoin is under pressure and could fluctuate between $114K and $120K, depending on market behavior and support levels.
