Bitcoin’s Wild Ride: Buckle Up or Bail Out? 🤠📉

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Well butter my biscuit, Bitcoin‘s takin’ a tumble below $112,500 like a drunk cowboy at a hoedown. If it don’t wrangle itself above $112,000 soon, we might just witness the digital gold rush turn into a yard sale.

  • Bitcoin done skedaddled below $112,000 faster than a jackrabbit in a coyote chase.
  • It’s tradin’ below both $112,000 and that fancy 100-hour doodad they call a “Simple moving average” – which ain’t so simple if you ask me.
  • There’s a trend line formin’ at $111,500 that’s more crooked than a politician’s smile (data courtesy of them Kraken folks).
  • If it slips below $108,800, we might as well start playin’ taps for this bull market.

Bitcoin’s Great Depression (The Sequel)

Bitcoin couldn’t hold onto $113,500 no better than a greased pig at a county fair. Now it’s wallowin’ below $112,000 like a hog in mud, officially enterin’ what city folks call a “bearish zone” – though any farmer coulda told you that for free.

The fall was so dramatic it broke through the 61.8% Fibonacci thingamajig of its recent high-falutin’ adventure from $106,718 to $116,310. And would you look at that – another trend line formin’ at $111,500, lookin’ as welcoming as a rattlesnake in a sleeping bag.

Right now, Bitcoin’s tradin’ below both $112,000 and that confounded 100-hour average. If them bulls try to charge, they’ll likely get gored by resistance at $111,500. First real challenge is at $112,000 – about as sturdy as a house of cards in a tornado.

Next stop is $112,500 – clear that hurdle and we might see fireworks. In that unlikely scenario, we could be lookin’ at $113,200, then maybe $113,500. After that? Well $115,000 and $115,500 are waitin’ like bouncers at a speakeasy.

Is the Bottom Fallin’ Out?

If Bitcoin can’t muster the gumption to climb past $112,500, we might be in for more pain than a mule kick to the shin. First soft spot is $110,000 – about as supportive as a wet paper bag. Major support’s at $108,800 (that’s the 76.4% Fibonacci doohickey of its recent joyride).

Below that lies $108,000, lookin’ as inviting as a porcupine in a balloon factory. Keep fallin’ and $106,500 comes callin’. The big daddy support is $103,500 – miss that and Bitcoin might need more than prayers to recover.

Technical indicators (or as I call ’em, “the tea leaves”):

Hourly MACD – Gainin’ steam in the bear’s den, like a honey pot at a picnic.

Hourly RSI – Below 50, which in my book means “don’t bet the farm.”

Support Levels – $108,800 (theoretically), then $108,000 (maybe).

Resistance Levels – $111,500 (good luck) and $112,000 (bless your heart).

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2025-10-30 05:31