{"id":82661,"date":"2025-07-22T03:19:10","date_gmt":"2025-07-22T03:19:10","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=82661"},"modified":"2025-07-22T03:19:10","modified_gmt":"2025-07-22T03:19:10","slug":"bitcoin-price-consolidates-is-a-downside-correction-on-the-horizon","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=82661","title":{"rendered":"Bitcoin Price Consolidates\u2014Is a Downside Correction on the Horizon?"},"content":{"rendered":"

Bitcoin price is consolidating gains below the $118,000 resistance. BTC could start a downside correction if it breaks the $116,200 support zone.<\/em><\/p>\n

Bitcoin started a fresh decline after it failed to clear the $120,000 zone.
\nThe price is trading below $118,000 and the 100 hourly Simple moving average.
\nThere is a bearish trend line forming with resistance at $118,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair might start another increase if it clears the $120,000 resistance zone.<\/p>\n

Bitcoin Price Dips Again<\/h2>\n

Bitcoin price started a correction<\/a> after the bulls failed to clear the $120,000 resistance. BTC dipped below the $118,000 level and tested the $116,200 zone.<\/p>\n

A low was formed at $116,260 and the price is now attempting a fresh increase. The bulls were above to push the price above the $117,000 resistance level. There was a move toward the 50% Fib retracement level of the downward move from the $119,630 swing high to the $116,260 low.<\/p>\n

Bitcoin is now trading below $118,500 and the 100 hourly Simple moving average<\/a>. Immediate resistance on the upside is near the $118,000 level. There is also a bearish trend line forming with resistance at $118,000 on the hourly chart of the BTC\/USD pair.<\/p>\n

The first key resistance is near the $118,400 level. It is close to the 61.8% Fib level of the downward move from the $119,630 swing high to the $116,260 low. The next resistance could be $119,150.<\/p>\n

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

A close above the $119,150 resistance might send the price further higher. In the stated case, the price could rise and test the $120,500 resistance level. Any more gains might send the price toward the $122,000 level. The main target could be $123,200.<\/p>\n

Another Decline In BTC?<\/h2>\n

If Bitcoin fails to rise above the $118,400 resistance zone, it could start another decline. Immediate support is near the $116,200 level. The first major support is near the $115,500 level.<\/p>\n

The next support is now near the $115,500 zone. Any more losses might send the price toward the $112,500 support in the near term. The main support sits at $111,200, below which BTC might continue to move down.<\/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 $116,200, followed by $115,500.<\/p>\n

Major Resistance Levels \u2013 $118,000 and $120,500.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin price is consolidating gains below the $118,000 resistance. BTC could start a downside correction if it breaks the $116,200 support zone. Bitcoin started a fresh decline after it failed to clear the $120,000 zone. The price is trading below $118,000 and the 100 hourly Simple moving average. There is a bearish trend line forming […]<\/p>\n","protected":false},"author":0,"featured_media":82662,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-82661","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\/82661"}],"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=82661"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/82661\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/82662"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=82661"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=82661"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=82661"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}