Bitcoin Price Watch: Bulls on Hold as Bearish Engulfing Shakes Daily Chart

Key Points

1. Bitcoin's price ranged between $117,365 and $118,057 in the last hour, with a 3.8% decline over the past 24 hours and a market cap of $2.33 trillion.

2. A bearish engulfing pattern suggests potential reversal, with critical support at $116,000 and resistance near $123,236.

3. A break below $115,000 could target $112,000 or $109,000, while a bounce from $115,000–116,000 may offer long entry opportunities.

4. The 4-hour chart shows a sharp decline from $123,000 to sub-$118,000, with immediate support at $116,000 and resistance near $119,500–$120,000.

5. The 1-hour chart indicates a short-term downtrend, with scalping opportunities between $116,500 and $117,000 and resistance at $118,800–$119,500.

6. Technical indicators (RSI, Stochastic, CCI, MACD) show mixed signals, with moving averages supporting a bullish long-term trend despite near-term weakness.

7. A reclaim of $120,000 with strong volume could resume bullish momentum, targeting $123,236, while a break below $115,000 may extend losses.