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Bitcoin is in a correction phase after recently reaching $19,750. BTC is undergoing a technical correction, so the price is likely to drop in the coming hours toward the 21SMA located at 117,744.
On the H4 chart, Bitcoin is in a consolidation phase, and strong resistance is observed around $121,000 and $120,000, which represents the psychological landmark.
A drop in Bitcoin below 117,400 could signal a further bearish movement, potentially reaching the 5/8 Murray level at 115,625. The crypto could eventually reach last week's low around 114,700.
Bitcoin is expected to continue trading within this price range in the coming days, so we will look for opportunities to sell below $121,000 and buy above $115,000.
Key support levels to watch for the next few hours are the 21SMA located around 117,400, the 5/8 Murray at 115,625, and the 21SMA around 114,249.
Key resistance levels are 120,187, 121,200, and finally the 7/8 Murray around 121,875.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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