Bitcoin Price Nears Key Support Levels Amid Market Downturn, Potential for Moderate Rebound
Main Idea
Bitcoin's price has declined by 2.13% in the last 24 hours, testing the critical $114,518 support level, with potential for volatility or a rebound depending on market behavior.
Key Points
1. Bitcoin price dropped 2.13% in 24 hours, currently trading near the critical $114,518 support level.
2. Hourly charts indicate limited sharp moves expected soon, with most of the daily Average True Range (ATR) already expended.
3. A false breakout below $114,518 suggests a potential rebound to $116,000 if support holds.
4. If Bitcoin closes decisively below $114,518, selling pressure could push prices toward $112,000.
5. Most major cryptocurrencies are also experiencing declines, mirroring Bitcoin's downward trend.
Description
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