Bitcoin May Find Support Near $112K Amid Cooling Momentum and Market Uncertainty
Main Idea
Bitcoin has rebounded at the $112,000 support level, but technical indicators like RSI and MACD suggest weakening momentum, indicating potential short-term caution for traders.
Key Points
1. Bitcoin's price rebounded at the $112,000 support level, which is reinforced by a long-term trendline dating back to March.
2. The Relative Strength Index (RSI) at 46.46 and a bearish MACD crossover indicate cooling momentum, signaling possible short-term weakness.
3. Trading volume remains low at 36 BTC in the last session, reflecting cautious market sentiment.
4. Key levels to watch are $116,000 resistance and $112,000 support, which will likely dictate Bitcoin's next directional move.
5. The pullback to $112,000 is attributed to profit-taking after Bitcoin reached near $121,000 and weakening momentum indicators.
Description
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