Bitcoin price corrected gains and fell below the $125,000 pivot point. BTC is currently consolidating around $122,200. Bitcoin initiated a downside correction below $124,000. The price is trading below $123,500 and the 100-hour simple moving average. A bullish trend line has formed on the hourly chart of the BTC/USD pair, with support at $122,200. If the pair trades below $122,000, further declines are possible.
Bitcoin price extended gains above the $125,000 area. Before the bears emerged, BTC climbed above the $125,250 and $125,500 resistance levels. The price then broke below the $123,000 support level and tested the $120,500 area. A low was formed at $120,694 and the price recently recovered above the 50% Fibonacci retracement level of the recent decline from the $126,191 swing high to $120,694 low. BTCUSD BTCUSD BTCUSD BTCUSD
