
Jakarta, Pintu News – Bitcoin has experienced another price drop after failing to break the $117,750 level. Currently, Bitcoin (BTC) is moving lower and may test the $113,200 support zone.

Bitcoin (BTC) started a new wave of gains above the $116,500 zone, managing to break the $116,800 and $117,500 resistances before selling pressure emerged. The highest point was recorded at $117,920 before the price dropped again.
The drop was quite sharp, surpassing the $115,000 level, with the lowest point recorded at $114,237. Currently, Bitcoin (BTC) is consolidating losses below the 23.6% Fibonacci retracement level of the last drop.
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Bitcoin (BTC) is now trading below $115,500 and the 100-hour simple moving average. Additionally, there is a bearish trend line with resistance at $115,200 on the hourly chart of the BTC/USD pair. Immediate resistance is near the $115,000 level, with the first key resistance at $115,250.
The next resistance may be at $116,000 or the 50% Fibonacci retracement level of the last drop. If Bitcoin (BTC) manages to break the $116,000 resistance, the price could go even higher. In that scenario, the price could try to break the $116,500 resistance. A further rise might lead to the $116,800 level, and the next limit for the bulls would be $117,250.
If Bitcoin (BTC) fails to break the $116,000 resistance zone, the price could drop again. Immediate support is near the $114,250 level, with the first major support at $113,500. The next support is now at the $113,250 zone.
A further drop could take the price towards the $112,500 support in the near future. The key support is at $110,500, below this level, Bitcoin (BTC) could see a significant drop.
With the MACD indicator now accelerating in the bearish zone and the RSI (Relative Strength Index) below the 50 level, the market shows the potential for more selling pressure. Investors and traders should take note of the support and resistance levels mentioned to make informed decisions in managing their portfolios. The next movement of Bitcoin (BTC) price will largely depend on the market’s ability to absorb selling and global investor sentiment.
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*Disclaimer
This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.