Bitcoin’s price found stability near the crucial $112,000 support level during recent trading action. This pivotal level is reinforced by a significant long-term ascending trendline established since March, previously acting as a reliable foundation for price advances.
Technical indicators, however, hint at a potential slowdown. The Relative Strength Index (RSI) sits at 46.46, residing in neutral territory but signaling reduced buying pressure. Further contributing to the cautious outlook, the Moving Average Convergence Divergence (MACD) has flashed a bearish crossover, suggesting cooling upward momentum.
Trading activity underscores a hesitant market environment, with volume notably subdued at 36 BTC recorded in the last session. Market analysts attribute the recent pullback from highs near $121,000 primarily to profit-taking maneuvers by some investors, coinciding with the deterioration in momentum signals.
For traders monitoring Bitcoin’s near-term trajectory, critical levels remain clearly defined. Overcoming resistance at $116,000 is viewed as essential for reigniting bullish sentiment. Conversely, a decisive breach below the established $112,000 support could indicate a stronger corrective phase is underway.