Bitcoin (BTC) price declined by 1.43% on Saturday, driven by seller dominance, with key support levels near $113,000 and potential correction below $110,000.
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Saturday saw increased selling pressure impacting Bitcoin’s price movement.
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BTC tested resistance near $114,008 but failed to sustain, signaling possible downward momentum.
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According to COINOTAG analysis, a close below $113,000 could trigger further support tests in the coming days.
Bitcoin price drops 1.43% amid seller pressure on Saturday; BTC nears critical support levels. Stay informed with COINOTAG’s latest crypto insights.
Bitcoin Price Faces Downward Pressure After Resistance Rejection
Bitcoin’s price has fallen by 1.43% over the last 24 hours, reflecting a market dominated by sellers on Saturday. The hourly chart shows BTC failing to hold above the local resistance at $114,008, indicating bearish momentum. If the daily candlestick closes below this resistance, a test of support levels around $113,000 is likely by day’s end.
What Are the Key Support Levels for Bitcoin?
The immediate support for Bitcoin lies near $113,000. Should this level fail to hold, the next significant support is around $112,000. A break below this could lead to a correction toward $110,000 or lower. COINOTAG’s analysis highlights that accumulated selling pressure may drive this downward move in the short to midterm.
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How Does Bitcoin’s Current Price Action Compare on Different Time Frames?
On a larger time frame, Bitcoin’s price remains within the range of yesterday’s candle, suggesting consolidation. However, the hourly chart reveals a clear downward trend after the false breakout above resistance. This mixed picture indicates cautious trading behavior as investors await clearer direction.
Image by TradingView
What Could Trigger Further Bitcoin Price Correction?
If Bitcoin closes the daily bar below $113,000, traders may anticipate a test of lower support levels. The breach of $112,000 could accelerate selling, potentially pushing BTC toward $110,000 and below. This scenario aligns with technical indicators signaling weakening bullish momentum.
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| Price Level | Current Value | Potential Movement |
|---|---|---|
| Resistance | $114,008 | Failed breakout |
| Support 1 | $113,000 | Key daily support |
| Support 2 | $112,000 | Midterm test level |
| Correction Target | $110,000 | Potential downside |
Frequently Asked Questions
What is causing Bitcoin’s price decline on Saturday?
Bitcoin’s price decline is primarily due to seller dominance and failure to sustain above the $114,008 resistance, leading to increased selling pressure and testing of key support levels.
How low could Bitcoin’s price go if support breaks?
If Bitcoin closes below $113,000 and breaks $112,000 support, it could correct further towards $110,000 or lower, reflecting weakening bullish momentum.
Key Takeaways
- Seller dominance: Saturday’s market favored sellers, pushing BTC price down 1.43%.
- Resistance failure: BTC failed to hold above $114,008, signaling bearish momentum.
- Support levels: Critical supports at $113,000 and $112,000 may determine short-term price direction.
Conclusion
Bitcoin’s price decline on Saturday highlights increased selling pressure and key resistance rejection at $114,008. With critical support levels at $113,000 and $112,000 under threat, traders should watch for potential corrections toward $110,000. COINOTAG will continue monitoring market developments to provide timely updates.
