Bitcoin Price Dips Again – Could This Spark Panic Selling Across Crypto Market?

Bitcoin value prolonged losses after it traded under $115,000. BTC is now transferring decrease and may even check the $110,500 assist zone.

• Bitcoin began a contemporary decline under the $115,000 zone.
• The value is buying and selling under $114,500 and the 100 hourly Simple transferring common.
• There is a bearish development line forming with resistance at $114,000 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair may begin one other enhance if it clears the $115,000 zone.

Bitcoin Price Dips Further

Bitcoin value failed to remain the $116,500 zone and began a fresh decline. BTC declined under the $115,500 and $115,000 assist ranges to enter a short-term bearish zone.

The decline gained tempo under the $114,000 stage. A low was shaped at $112,050 and the value is now consolidating losses under the 23.6% Fib retracement stage of the latest decline from the $117,920 swing high to the $112,050 low.

Bitcoin is now buying and selling under $113,500 and the 100 hourly Simple moving average. Besides, there’s a bearish development line forming with resistance at $114,000 on the hourly chart of the BTC/USD pair.

Immediate resistance on the upside is close to the $113,450 stage. The first key resistance is close to the $114,000 stage and the development line. The subsequent resistance might be $115,000 or the 50% Fib retracement stage of the latest decline from the $117,920 swing high to the $112,050 low.

An in depth above the $115,000 resistance may ship the value additional increased. In the acknowledged case, the value might rise and check the $116,500 resistance stage. Any extra positive aspects may ship the value towards the $116,800 stage. The subsequent barrier for the bulls might be $117,250.

More Losses In BTC?

If Bitcoin fails to rise above the $114,000 resistance zone, it might begin a contemporary decline. Immediate assist is close to the $112,000 stage. The first main assist is close to the $111,250 stage.

The subsequent assist is now close to the $110,500 zone. Any extra losses may ship the value towards the $108,800 assist within the close to time period. The principal assist sits at $107,500, under which BTC may acquire bearish momentum.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now under the 50 stage.

Major Support Levels – $112,000, adopted by $111,250.

Major Resistance Levels – $114,000 and $115,000.