Bitcoin has recently tested resistance at $116,800 but was unable to break through, resulting in a price correction. Despite this, positive momentum persists in lower timeframes.
Resistance at $116.8K
Bitcoin faced resistance at $116,800 but could not break through with sufficient strength, leading to a correction. The probability of upward movement remains, but this resistance level reflects its potency.
Critical Support at $115K
The $115,000 mark has emerged as a crucial support zone for Bitcoin. If this support fails, analysts caution of a potential decline to around $111,000 to $112,000, which could indicate a shift in short-term market sentiment.
Trend Intact, But Volatility Increases
The rejection at $116.8K doesn't mean a reversal but shows strong resistance. If Bitcoin breaks above, it can lead to a bullish trend. Traders should monitor price actions around $115K as a potential decisive factor.
In the coming weeks, Bitcoin will face pivotal levels that could determine its market trajectory. Its ability to hold at $115K will influence future price dynamics.
