{"id":103581,"date":"2025-10-10T02:19:04","date_gmt":"2025-10-10T02:19:04","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=103581"},"modified":"2025-10-10T02:19:04","modified_gmt":"2025-10-10T02:19:04","slug":"bitcoin-correction-deepens-traders-cautious-as-downside-pressure-builds-further","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=103581","title":{"rendered":"Bitcoin Correction Deepens \u2013 Traders Cautious As Downside Pressure Builds Further"},"content":{"rendered":"

Bitcoin price corrected gains and traded below the $124,000 level. BTC is now struggling and might continue to move down below $120,000.<\/em><\/p>\n

Bitcoin started a downside correction below the $123,200 level.
\nThe price is trading below $123,000 and the 100 hourly Simple moving average.
\nThere is a bearish trend line forming with resistance at $122,750 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair might continue to move down if it trades below the $120,000 zone.<\/p>\n

Bitcoin Price Dips Further<\/h2>\n

Bitcoin price failed to stay above the $125,000 zone and started a fresh decline<\/a>. BTC dipped below the $124,000 support to enter a short-term bearish zone.<\/p>\n

The bears even pushed the price below $121,200. A low was formed at $119,810 and the price recently recovered some losses. There was a move toward the 50% Fib retracement level of the recent decline from the $123,750 swing high to the $119,810 low.<\/p>\n

However, the bears are still active near $121,750. Bitcoin is now trading below $121,500 and the 100 hourly Simple moving average<\/a>. Besides, there is a bearish trend line forming with resistance at $122,750 on the hourly chart of the BTC\/USD pair.<\/p>\n

Immediate resistance on the upside is near the $121,750 level. The first key resistance is near the $122,250 level and the 61.8% Fib retracement level of the recent decline from the $123,750 swing high to the $119,810 low.<\/p>\n

<\/a><\/p>\n

The next resistance could be $122,750 and the trend line. A close above the $122,750 resistance might send the price further higher. In the stated case, the price could rise and test the $123,500 resistance. Any more gains might send the price toward the $124,000 level. The next barrier for the bulls could be $125,500.<\/p>\n

More Losses In BTC?<\/h2>\n

If Bitcoin fails to rise above the $122,750 resistance zone, it could start a fresh decline. Immediate support is near the $120,750 level. The first major support is near the $120,000 level.<\/p>\n

The next support is now near the $118,500 zone. Any more losses might send the price toward the $116,500 support in the near term. The main support sits at $115,500, below which BTC might struggle to recover in the short term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n

Major Support Levels \u2013 $120,750, followed by $120,000.<\/p>\n

Major Resistance Levels \u2013 $122,750 and $123,500.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin price corrected gains and traded below the $124,000 level. BTC is now struggling and might continue to move down below $120,000. Bitcoin started a downside correction below the $123,200 level. The price is trading below $123,000 and the 100 hourly Simple moving average. There is a bearish trend line forming with resistance at $122,750 […]<\/p>\n","protected":false},"author":0,"featured_media":103582,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-103581","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/103581"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=103581"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/103581\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/103582"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=103581"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=103581"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=103581"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}