Bitcoin Price Watch: BTC Consolidates Around $118.5K to $119K After Sharp Sell-Off
Main Idea
Bitcoin's price is consolidating around $118.5K to $119K after a sharp drop, with mixed technical signals suggesting potential breakout or further downside depending on key levels.
Key Points
1. Bitcoin's current price is $119,128 with a market cap of $2.37 trillion and a 24-hour trading volume of $63.34 billion.
2. The RSI at 55.1 and MACD at 1,224.5 indicate a neutral to bullish phase, but a break below $117,000 could lead to a drop toward $113,000–$115,000.
3. Reclaiming $119,500–$120,000 with high volume could reset bullish momentum, while failure to hold $119,500 may trigger further downside.
4. Hourly charts show Bitcoin ranging between $117,800 and $119,300, with subdued volume indicating a lack of dominant trend.
5. Moving averages (MAs) across key timeframes remain bullish, supporting near-term buying, but the market shows mixed to neutral signals overall.
Description
Bitcoin price stands at $119,128 with a market capitalization of $2.37 trillion, supported by a 24-hour trading volume of $63.34 billion. The day’s intraday range of $117,201 to $121,073 reflects a market in consolidation following a recent sell-off from August’s highs, as traders weigh directional cues from key technical indicators across multiple timeframes. Bitcoin The
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