Bearish Bitcoin Outlook: Resistance Wall at $112K Blocks Recovery to $122K
Bitcoin faces a strong bearish outlook, with significant resistance at $112K preventing a recovery toward $122K.Summary
The Bitcoin market sentiment has turned bearish after the price dropped below the 21 EMA support, closing the week at $108,717 and testing lows near $103,000. Significant overhead resistance exists at $112,200, $115,500, and $117,600 (the 0.618 Fibonacci Retracement), with a convincing close above $122,000 required to shift bias bullish. Support at the $105,000 to $102,000 zone is expected to fail upon retest, pointing toward stronger support around $96,000; a close below $96,000 would signal the end of the current bull market. The market mood is bearish following two consecutive weeks of heavy selling, and further downside is expected unless the October 29th FOMC meeting delivers a significant rate cut, which bulls are hoping for to resume the long-term uptrend.
(Source：Bitcoin Magazine)