Bitcoin (BTC) remains under pressure as it fails to sustain gains above the $115,000 mark. According to data from Kraken, BTC recently faced rejection near the $115,500 level and is now trading below the 100-hourly simple moving average.
A bearish trend line has now formed, offering resistance around $114,400 on the hourly chart of the BTC/USD pair. This trendline, combined with the 100-hourly SMA, could continue to restrict upward moves.
Key Resistance and Bullish Scenario
If Bitcoin breaks above $115,000, it must clear the $115,500 resistance to confirm a bullish reversal. A successful close above this level may drive BTC toward the $116,500 and possibly the $118,000 zones. In an extended rally, $120,000 could be the primary target.
Possible Downside Risks
If BTC fails to reclaim $115,000, bearish pressure could push it back toward $113,200. The critical support lies at $112,500, followed by $112,000. If these levels break, further decline to $110,500 and even $108,500 remains on the cards.
Currently, the hourly MACD is gaining momentum in the bearish zone, while the RSI is below 50, suggesting weakening buying pressure.
Technical Overview:
- Major Resistance Levels: $115,000, $115,500
- Major Support Levels: $112,600, $112,000
- Indicators: Bearish MACD, RSI below 50
