Bitcoin May Find Support Near $112K Amid Cooling Momentum and Market Uncertainty

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.