Why, sir or ma’am, step right up and behold the great mystery of Bitcoin, now gallivantin’ below the $112,500 mark. It’s showing a bit more of its bearish underbelly, and might just sashay down to court that $105,500 level.
- Our electronic currency has taken a polite decline under the illustrious $112,000 threshold.
- Now it’s busying itself below both $112,000 and its own pesky 100-hourly Simple moving average, as if the two were dance partners in a grand, bearish fandango.
- Perched atop the hourly chart of BTC/USD-courtesy of our good friends at Kraken-is a rather formidable bearish trend line making a stand at $112,500.
- If it ever did muster the courage to surpass this restless resistance, we might behold a spirited ascent. Or not.
Another Tumble for Bitcoin
Why, Bitcoin frolicked off the stage after being bandied below that cherished $113,500 level. It then found itself entranced by bearish charm, disappearing beneath the comforting embrace of the $112,000 level-like a fish slipping away from the greased frying pan.
Galloping below $110,000 and the 100 hourly Simple moving average, the pair careened about until it reached the $108,750 nook. It curled into a low of $108,734, and now seems inclined to compose itself, leaping above $109,500 but unwilling to kiss the silver 23.6% Fib retracement of its ken from the $117,354 gallivant to the $110,692 somber slide.
The daring cryptocurrency keeps itself below the mark of $112,000 and its familiar 100-hour Simple moving average. On the upside, our nearest gallant is perched at about $110,750. However, the formidable fortification sits a smidge higher at $112,500, with the same named bearish trend line acting as drawbridge guard on our hourly BTC/USD chart.
Got a few more steam jumps in its engine? It may venture toward $113,000 or else play hide-and-seek with the 50% Fib retracement of that grand descent from $117,354 to $110,692. A gallant leap past the $113,000 fortress might rally the price for a joyful cavort onward.
If this roguish chase unfolds, the price might bow before greater resistance at $114,500. With a nod and a wink, it could saunter past to the grand ballrooms of $115,500. The largest and most important dance floor, of course, lies tantalizingly near $116,500.
Will the Bear Give Another Stampede?
Now, should our illustrious Bitcoin shy away from prancing above the $112,000 hedge, it could very well commence another genteel decline. Our immediate rest might be found by $108,500. The first sizable soirée, however, awaits at $107,200.
A bit further afield and you’ll find the comfort of the $106,500 stepladder, with potential descents leading to that $105,500 bunk room in due course. Its grand chaise lounge lies forlornly at $103,500, beneath which, as they say, the bear just might don her dancing slippers for a proper shindig.
Technical indicators:
The hourly MACD-now scuttling with mischief in the bearish waters, as if pilfering fish from every net.
And the hourly RSI-what a curiosity! For this BTC/USD is now playing the boyish resister beneath the unyielding grip of the 50 level.
Major Support Levels-$108,500 appears to be greening its thumb for the garden party, followed hungrily by $107,200.
Major Resistance Levels-sly whispers drift toward $110,500, and then the rambunctious $112,500.
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2025-08-26 05:13