BTCUSD
Bitcoin is trading above the support zone at $113,500, and prices are likely to rise and retest the resistance zone at $117,500. This scenario would be invalidated if the mentioned support zone is broken to the downside.
|
Support |
113500 | 110000 | 107000 |
| Resistance | 117500 | 121000 |
124500 |
Bitcoin witnessed a notable decline today, falling below $116,000, recording a drop of about 2% over the past 24 hours and nearly 5% on a weekly basis. This downturn comes after the cryptocurrency failed to maintain its historic gains above $124,000 last week, as recent U.S. inflation data weighed on Federal Reserve rate-cut expectations, reducing risk appetite in crypto markets.
The continuation of these factors, along with the simultaneous decline in major digital assets such as Ethereum and XRP, suggests that the market is undergoing a natural correction phase that may persist unless a new catalyst emerges to support a return to the upward trend.
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