Cryptocurrency analysts predict bitcoin’s collapse to $ 110,500

Bitcoin BTC $118,214.58 Bitcoin -1.94% Market capitalization $2.35 trillion VOL. 24 hours $2.11 billion is trying to resume growth after a local correction, is currently trading above $ 119,000 and continues to consolidate with the prospect of moving to the $ 125,000 zone. After updating the high of $ 123,200, the price of bitcoin dropped to $ 115,730, but then recovered and broke through a number of short-term resistances, including $ 119,000, and also consolidated above the 100-hour moving average.

Currently, the main resistance for BTC is located at $ 120,200 and $ 121,400, the latter coinciding with the 76.4% Fibonacci retracement of the last decline. A breakout above this zone could signal further growth to $ 123,150, and then to $ 124,200 and $ 125,000. The main target for the next rally may reach $ 126,200.

In case of failure to break through $ 121,400, another pullback is possible. The first level of support is $ 119,000 and the 100-hour SMA, then $ 117,500 and $ 115,500. If the correction deepens, the price may test the $ 113,500 or even $ 110,500 area.

Technical indicators show that the MACD is gradually losing momentum in the growth zone, and the RSI for the BTC/USD pair is holding above 50, which generally maintains a moderately optimistic scenario. In the coming hours, the market will closely monitor the $ 121,400 level, which will determine the future direction for bitcoin.