Bitcoin Price Analysis: Price headed to $118,100.
The Bitcoin price chart reveals a clear picture of the asset’s recent behavior. After consolidating within a trading range between $116,000 and $120,000 for over two weeks, Bitcoin broke below the southern boundary of this range on Wednesday evening. This correction began shortly after the US Federal Reserve announced its decision to maintain interest rates, ignoring calls from former President Donald Trump for a rate reduction. The Bitcoin live price dipped to $112,700, a three-week low, signaling a shift in market sentiment.
From a technical perspective, Bitcoin’s chart shows it has been moving within a descending channel since March 2024. The recent break below the $116,000 support level indicates a potential for further downside if momentum remains weak. Key support levels to monitor include $110,000, which aligns with historical price action, and a deeper support at $84,500, as suggested by technical analyst Katie Stockton. Conversely, resistance levels are observed at $118,100, where Bitcoin is expected to recover in the near term, and $120,000, a psychological barrier that could signal a bullish breakout if breached.
The Bitcoin price chart reveals a clear picture of the asset’s recent behavior. After consolidating within a trading range between $116,000 and $120,000 for over two weeks, Bitcoin broke below the southern boundary of this range on Wednesday evening. This correction began shortly after the US Federal Reserve announced its decision to maintain interest rates, ignoring calls from former President Donald Trump for a rate reduction. The Bitcoin live price dipped to $112,700, a three-week low, signaling a shift in market sentiment.
From a technical perspective, Bitcoin’s chart shows it has been moving within a descending channel since March 2024. The recent break below the $116,000 support level indicates a potential for further downside if momentum remains weak. Key support levels to monitor include $110,000, which aligns with historical price action, and a deeper support at $84,500, as suggested by technical analyst Katie Stockton. Conversely, resistance levels are observed at $118,100, where Bitcoin is expected to recover in the near term, and $120,000, a psychological barrier that could signal a bullish breakout if breached.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.